CBDT amends conditions to be satisfied by the pension fund for claiming exemption u/s 10(23FE), amends Form 10BBA for making application for notification
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 32/2021
New Delhi, the 15th April, 2021
INCOME-TAX
G.S.R. 274(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) of Explanation 1to 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 (10thAmendment) Rules, 2021.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 2DB,-
(i) after clause (iii), the following proviso shall be inserted, namely:−
“Provided that the provisions of clause (iii) shall not apply to any payment made to creditors or depositors for loan taken or borrowing for the purposes other than for making investment in India;”;
(ii) clause (iv) shall be omitted;
(iii) after clause (vi), the following Explanation shall be inserted, namely:−
‘Explanation: For the purposes of this rule, “loan and borrowing” shall have the same meaning as assigned to it in sub-clause (b) of clause (ii) of Explanation 2 to clause (23FE) of section 10.’.
3. In the principal rules, in rule 2DC, in sub-rule (1), for the word “Explanation”, the word and figure “Explanation 1” shall be substituted.
4. In the principal rules, in the APPENDIX II, for Form No. 10BBA the following Form shall be substituted, namely:-“
Form No.10BBA
[See sub-rule(1) of rule 2DC]
[See sub-rule(1) of rule 2DC]
Application for notification under sub-clause (iv) of clause (c) of Explanation 1 to the clause (23FE) of section 10 of the Income-tax Act, 1961
(Pension Fund)
………………………………………..
……………………………………………….
[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. 250(E) dated the 5th April, 2021.
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