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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 17th August, 2020
INCOME-TAX
G.S.R. 508(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) of
Explanation to the clause (23FE) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of
1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax
Rules, 1962, namely:-
1.
Short title and commencement.—(1) These rules may be called the Income-tax (20th
Amendment) Rules, 2020.
(2)
They shall come into force from the date of their publication in the Official Gazette.
2.
In the Income-tax Rules, 1962,-
(i)
after rule 2DA, the following rules shall be inserted, namely: -
“2DB. Other conditions to be satisfied by the pension fund. - For the purposes of clause (23FE)
of section 10, the pension fund shall be required to satisfy the following other conditions, namely: -
(i)
it is regulated under the law of a foreign country including the laws made by any of its
political constituents being a province, state or local body, by whatever name called, under
which it is created or established, as the case may be;
(ii)
it is responsible for administering or investing the assets for meeting the statutory obligations
and defined contributions of one or more funds or plans established for providing retirement,
social security, employment, disability, death benefits or any similar compensation to the
participants or beneficiaries of such funds or plans, as the case may be;
(iii) the earnings and assets of the pension fund are used only for meeting statutory obligations and
defined contributions for participants or beneficiaries of funds or plans referred to in clause (ii)
and no portion of the earnings or assets of the pension fund inures any benefit to any other
private person;
(iv)
it does not undertake any commercial activity whether within or outside India;
(v)
it shall intimate the details in respect of each investment made by it in India during the quarter
within one month from the end of the quarter in Form No. 10BBB;
(vi)
it shall file return of income on or before the due date specified under sub-section (1) of
section 139 and furnish along with such return a certificate in Form No. 10BBC in respect of
compliance to the provisions of clause (23FE) of section 10, during the financial year, from an
accountant as defined in the Explanation below sub-section (2) of section 288.
2DC. Guidelines for notification under clause (23FE) of section 10.- (1) For the purposes of
notification under sub-clause (iv) of clause (c) of Explanation to the clause (23FE) of section 10, the
pension fund shall make an application in Form No. 10BBA enclosing therewith relevant documents
and evidence, to the,-
(i)
Member (Legislation), Central Board of Direct Taxes, Department of Revenue, Ministry of
Finance, North Block, New Delhi during the financial year 2020-2021;
8
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
(ii)
Member, Central Board of Direct Taxes, Department of Revenue, Ministry of Finance,
North Block, New Delhi having supervision and control over the work of Foreign Tax and Tax
Research Division during the other financial years.
(2) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax
(Systems), as the case may be, shall lay down the data structure, standards and procedure of
furnishing and verification of Form No 10BBB and Form No 10BBC, and shall be responsible for
formulating and implementing appropriate security, archival and retrieval policies in relation to the
said forms so furnished under this sub-rule.”;
(ii) in Appendix-II, after Form No. 10BB, the following forms shall be inserted, namely: -
“Form No. 10BBA
[See sub-rule (1) of rule 2DC]
Application for notification under sub-clause (iv) of clause (c) of Explanation to the clause (23FE) of
section 10 of the Income-tax Act, 1961
(Pension Fund)
To,
The Member (Legislation), CBDT (For application during Financial Year 2020-2021)**/
The Member (Having control over the Foreign Tax and Tax Research Division) (For application
during other financial year)**
Madam/ Sir,
The applicant is a Pension Fund and interested in making investment in terms of clause (23FE) of
section 10 of the Income-tax Act, 1961 and therefore, it is requested that necessary notification may kindly
be issued, the details for which are as under:
(a) Name of the Pension Fund
:
(b) Address of the Pension Fund
:
(c) Tax Identification Number of the country of residence :
(d) Country of residence
:
(e) Permanent Account Number (PAN)
:
2..
It is hereby certified that-
(a) the Pension Fund is created or established under the law of _____________ (please mention the
name of the foreign country including any of its political constituents like province/ state/ local
body etc) and is regulated under that law;
(b) is not liable to tax in the foreign country mentioned at (a) above;
(c) the Pension Fund is responsible for administering or investing the assets for meeting the statutorily
obligations and defined contributions of one or more funds or plans established for providing
retirement, social security, employment, disability, death benefits or any similar compensation to
the participants or beneficiaries of such funds or plans, as the case may be;
(d) the earnings and assets of the pension fund are used only for meeting statutory obligations and
defined contributions for participants or beneficiaries of funds or plans referred to in (c) above
and no portion of the earnings or assets of the pension fund inures any benefit to any other private
person; and
(e) the pension fund does not undertake any commercial activity whether within or outside India.
3.
In support of the claims made above, the following documents are attached:
(a) documents constituting the Pension Fund and any later amendment thereto, and
(b) any other relevant document or information.
[भाग II—खण् ड 3(i)]
भारत का राजप् : असाधारण
9
Verification*
I, __________________________, son/ daughter/ wife** of Shri ______________________,
solemnly declare that to the best of my knowledge and belief, the information given in this application and
the annexures and documents, if any, accompanying it are correct and complete and particulars shown
therein are truly stated.
2.
I further declare that to the best of my knowledge; I have not concealed any fact or information
which could be relevant for this application.
3.
I also declare that I am making this application in my capacity as __________ (designation) and
that I am holding PAN/ Aadhaar** _____ and I am competent to make this application and verify it.
Verified today the ___________ day of ______________
Place __________
(Signature) ________________
Name ________________
Notes: 1. **Delete whichever is not applicable.
2. *To be signed by the person competent to verify the return of income under section 140 of the Income-
tax Act, 1961.
Form No 10BBB*
[See rule 2DB]
Intimation by Pension Fund of investment under clause (23FE) of section 10 of the Income-tax Act,
1961
(within one month from the end of the quarter ending on 30th June, 30th September, 31st December and
31st March of the financial year)
To,
The Assessing Officer
__________________
__________________
Madam/ Sir,
Kindly find statement containing details of investment for the quarter ending ________ of the
Financial Year _________ in respect of ___________________________ (Name of the Pension Fund)
having PAN __________ and notified under clause (23FE) of section 10 of the Income-tax Act, 1961 vide
notification no_____________, dated _____________ (DDMMYYYY) as under:
Sl.
No.
Date Amount
Nature
[Debt/ Share
Capital (Equity/
Preference)/
Unit]
Rate of
Dividend, if any,
(Preference
Share/ Unit)/
Interest (Debt)
Details of the entity in which Investment
made
Business Trust/ Company
or enterprise or entity/
Alternative Investment
Fund
Name
PAN
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
1.
2.
Total
10
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
Verification*
I, __________________________, son/ daughter/ wife** of Shri ______________________,
solemnly declare that to the best of my knowledge and belief, the information given above is correct and
complete and particulars shown therein are truly stated.
2.
I further declare that to the best of my knowledge; I have not concealed any relevant fact or
information.
3.
I also declare that I am making this application in my capacity as __________ (designation) and
that I am holding PAN/ Aadhaar** _____ and I am competent to make this application and verify it.
Verified today the ___________ day of ______________
Place __________
(Signature) ________________
Name ________________
Notes: 1. **Delete whichever is not applicable.
2. *To be signed by the person competent to verify the return of income under section 140 of the Income-
tax Act, 1961.
Form No 10BBC
[See rule 2DB]
Certificate of accountant in respect of compliance to the provisions of clause (23FE) of section 10 of
the Income-tax Act, 1961 by the notified Pension Fund
I/ We* hereby confirm that I/ we* have examined the relevant accounts, documents and records of
_____________________________________(name
of
the
Pension
Fund)
having
PAN
_______________________ and which has been notified under clause (23FE) of section 10 vide
notification
no___________dated________(DDMMYYYY),
for
the
period
from
_________(DDMMYYYY) to ____________(DDMMYYYY) and after examination, it is hereby certified
that:
(i) the opening balance (i.e. the closing balance as on the last date of the preceding financial year) of
the investment made which is eligible for exemption under clause (23FE) of section 10 is
______________(in rupees) and details of the investment by the Pension Fund during the period
are as under:
Sl.
No.
Date Amount
Nature
[Debt/ Share
Capital (Equity/
Preference)/
Unit]
Rate of
Dividend, if any,
(Preference
Share/ Unit)/
Interest (Debt)
Details of the entity in which Investment
made
Business Trust/ Company
or enterprise or entity/
Alternative Investment
Fund
Name
PAN
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
1.
2.
Total
(ii) *the pension fund has not sold any of the investments made for the purposes of exemption under
clause (23FE) of section 10 of the Income-tax Act, 1961 before the expiry of three years from the
date on which the investment was made in respect of the said exemption/the pension fund has
sold certain investments made for the purposes of exemption under clause (23FE) of section 10 of
[भाग II—खण् ड 3(i)]
भारत का राजप् : असाधारण
11
the Income-tax Act, 1961 before the expiry of three years from the date on which the investment
was made in respect of the said exemption, the details of which are as under:
Sl.
No.
Date of
investment
Amount
Nature
[Debt/ Share
Capital
(Equity/
Preference)/
Unit]
Rate of
Dividend, if
any,
(Preference
Share/ Unit)/
Interest (Debt)
Details of the entity in which Investment
made
Date
of
sale
Business Trust/ Company
or enterprise or entity/
Alternative Investment
Fund
Name
PAN
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
1.
2.
Total
(iii) the Pension Fund satisfies all the conditions required for the purposes of exemption under clause
(23FE) of section 10 of the Income-tax Act, 1961, that is, -
(a)
it is created or established under the law of _____________ (please mention the name of
the foreign country including any of its political constituents like province/ state/ local
body etc) and is regulated under that law;
(b)
it is not liable to tax in such foreign country;
(c)
it is responsible for administering or investing the assets for meeting the statutorily
obligations and defined contributions of one or more funds or plans established for
providing retirement, social security, employment, disability, death benefits or any similar
compensation to the participants or beneficiaries of such funds or plans, as the case may be;
(d)
its earnings and assets are used only for meeting statutory obligations and defined
contributions for participants or beneficiaries of funds or plans referred to in at clause (ii)
and no portion of the earnings or assets of the pension fund inures any benefit to any other
private person;
(e)
it does not undertake any commercial activity whether within or outside India; and
(f)
it has complied with the requirement of intimation of the details of investment made by it in
India in Form No 10BBB.
Verification†
It has been ensured that the information furnished is true and correct in all respects and no relevant
information has been concealed or withheld.
2.
Neither I, nor any of my partners, is a director, partner or an employee of the above-mentioned
entities or its associated concerns.
3.
I/ we* fully understand that any statement made in this certificate, if proved incorrect or false, will
render me/us* liable for any penal or other consequences as may be prescribed in law or is otherwise
warranted.
Verified today the ___________ day of ______________
Place __________
(Signature and Stamp/ Seal of the Signatory)
†Accountant____________________
Name of the Signatory___________________
Membership No.__________________
Full Address __________________
12
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
Notes: 1. *Delete whichever is not applicable.
2. †This certificate is to be given by an accountant as defined in the Explanation below sub-section (2) of
section 288 of the Income-tax Act, 1961.”.
[Notification No. 67/2020/ F. No. 370142/28/2020-TPL]
NEHA SAHAY, Under Secy. (Tax Policy and Legislation Division)
Note : The principal rules were published in the Gazette of India Extraordinary, Part III, Section 3,
Sub-section (ii), vide notification number S.O. 969(E), dated the 26th March, 1962 and last
amended vide notification number G.S.R. No. 499(E) dated the 10th August, 2020.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.
