Income Tax

CBDT notifies two sovereign wealth funds and three Pension Funds u/s 10(23FE)

CBDT notifies two sovereign wealth funds and three Pension Funds u/s 10(23FE)

The CBDT has notified more sovereign wealth fund and Pension Funds under section 10(23FE) of the Income Tax Act 1961 (the Act) as the specified person for the purposes of the clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Act in respect of the investment made by it in India on or after the date publication of this notification in the Official Gazette but on or before the 31st day of March, 2024 subject to the fulfilment of the specified conditions:

The Public Sector Pension Investment Board	Pension fund	Notification No. 64/2021 dated 13th May 2021
The CDC Group Plc.	Sovereign wealth fund	Notification No. 62/2021 dated 13th May 2021
The Government Employees Superannuation Board	Pension Fund	Notification No. 65/2021 dated 13th May 2021
The OMERS Administration Corporation	Pension Fund	Notification No. 66/2021 dated 13th May 2021
Ministry of Economy and Finance (of the Republic of Korea)	Sovereign wealth fund	Notification No. 63/2021 dated 13th May 2021

Form 26 to replace Form 3CD of tax audit report by a CA from Tax Year 2026-27

Form 26 to replace Form 3CD of tax audit report from Tax Year 2026-27 Draft Form 26 has been issued…

8 hours ago

Income Tax

When no addition is made on the basis of reasons recorded, reopening is bad in law

When AO do not make any addition on the basis of the reasons on which the reopening was done, the…

9 hours ago

Insurance

No separate compensation for loss of love and affection under MV Act – SC

Under MV Act separate compensation can not be granted under the head “loss of love and affection” – Supreme Court…

1 day ago

Income Tax

Trust accredited by National Open School eligible for registration u/s 12AB & u/s 80G

Trust accredited by National Institute of Open Schooling eligible for registration u/s.12AB and u/s 80G of the Act. In a…

1 day ago

Income Tax

Delay in furnishing Form 10B – Covid Period to be excluded as per decision of Supreme Court

Delay in furnishing Form 10B – Period between 15.03.2020 till 20.08.2022 to be excluded as per decision of Hon'ble Supreme…

3 days ago

Income Tax

Section 271AAB does not grant any immunity from penalty in terms of section 273B

Section 271AAB does not grant any immunity from penalty even if the assessee was able to show some reasonable cause…