Home Income tax Individual Income Tax CBDT notified Ravenna Investments Holding B.V for exemption u/s 10(23FE) of IT Act [Read Notification]

CBDT notified Ravenna Investments Holding B.V for exemption u/s 10(23FE) of IT Act [Read Notification]

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CBDT notified Ravenna Investments Holding B.V for exemption u/s 10(23FE) of IT Act [Read Notification]

CBDT notified Ravenna Investments Holding B.V for exemption u/s 10(23FE) of IT Act [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified Ravenna Investments Holding B.V for Earnings tax exemption u/s 10(23FE) of the Earnings Tax Act, 1961, through issuing a notification.

The Official Notification Said:

In train of the powers conferred by sub-clause (iv) of clause (c) of Clarification 1 to clause (23FE) of part 10 of the Earnings-tax Act, 1961 (43 of 1961) (hereinafter known as the Act), the Central Authorities hereby specifies the pension fund, particularly, Ravenna Investments Holding B.V (PAN: AAMCR8596D), (hereinafter known as the assessee), as the required particular person for the stated clause in respect of the eligible funding made by it in India on or after the date of publication of this notification within the Official Gazette however on or earlier than the thirty first day of March 2024 (hereinafter known as the stated investments) topic to the fulfilment of the next situations, particularly:

1. the assessee shall file a return of revenue for all related earlier years falling inside the interval starting from the date by which the stated funding has been made and ending on the date on which such funding is liquidated, on or earlier than the due date specified for furnishing the return of revenue beneath subsection (1) of part 139 of the Act;

2. the assessee shall furnish together with such return a certificates in Kind No. 10BBC in respect of compliance with the provisions of clause (23FE) of part 10 of the Act, through the monetary yr, from an accountant as outlined within the Clarification under sub-section (2) of part 288 of the Act, as per the provisions of clause (vi) of rule 2DB of the Earnings-tax Guidelines, 1962;

3. the assessee shall intimate the main points in respect of every funding made by it in India through the quarter inside one month from the top of the quarter in Kind No. 10BBB, as per the provisions of clause (v) of rule 2DB of the Earnings-tax Guidelines, 1962;

4. the assessee shall keep a segmented account of revenue and expenditure in respect of such funding which qualifies for exemption beneath clause (23FE) of part 10 of the Act;

5. the assessee shall proceed to be regulated beneath the legal guidelines of the Authorities of the Netherlands;

6. the assessee shall be accountable for administering or investing the belongings for assembly the statutory obligations and outlined contributions of a number of funds or plans established for offering retirement, social safety, employment, incapacity, loss of life advantages or any comparable compensation to the members or beneficiaries of such funds or plans, because the case could also be;

7. the earnings and belongings of the assessee needs to be used just for assembly statutory obligations and outlined contributions for members or beneficiaries of funds or plans referred to in clause (vi) and no portion of the earnings or belongings of the pension fund inures any profit to another non-public particular person, barring any fee made to collectors or depositors for mortgage or borrowing [as defined in sub-clause (b) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act] taken for functions apart from for investing in India;

8. the assessee shall not have any loans or borrowings [as defined in sub-clause (b) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act], straight or not directly, to put money into India; and

9. the assessee shall not take part within the day-to-day operations of the investee [as defined in clause (i) of Explanation 2 to clause (23FE) of Section 10 of the Act] however the monitoring mechanism to guard the funding with the investee, together with the suitable to nominate administrators or govt administrators, shall not be thought of as participation within the day-to-day operations of the investee.

Violation of any of the situations stipulated in clause (23FE) of Part 10 of the Act and this notification shall render the assessee ineligible for the tax exemption.

This notification shall come into drive on the date of its publication within the Official Gazette.

For Official Notification Obtain the PDF Given Beneath:

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