Method of calculation of the eligible investment and exempt income u/s 10(23FE) – Notification

Method of calculation of the eligible investment and exempt income in respect of Sovereign Wealth Fund and Pension Fund u/s 10(23FE)

CBDT has made amendment of the Income tax Rules, 1962 for providing the method of calculation of the eligible investment and exempt income in respect of Sovereign Wealth Fund and Pension Fund under section 10(23FE) of the Income tax Act, 1961.

Income-tax Amendment (Thirteenth Amendment) Rules, 2022 notified by CBDT vide Notification No. 50/2022 has inserted a new Rule 2DCA as under:

Rule 2DCA Computation of minimum investment and exempt income for the purposes of clause (23FE) of section 10 of the Income Tax Act 1961

Further, Form No. 10BBB of Intimation by Pension Fund of investment under clause (23FE) of section 10 has also been substituted.

Download CBDT Notification Click Here >>

• AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
• Shareholders can’t be taxed for income from properties owned by the company – HC
• Jurisdictional error in reassessment approval can’t be shielded by the law of limitation
• ITAT ought to remanded whole matter of bogus purchases instead of profit determination
• Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A