Home Audit & Assurance Income Tax Department enabled filing of Form Audit Report SWF

Income Tax Department enabled filing of Form Audit Report SWF

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Income Tax Department enabled filing of Form Audit Report SWF

Earnings Tax Division enabled submitting of Type Audit Report SWF

The Earnings Tax Division has enabled the submitting of Type Audit Report SWF. Type Audit Report SWF was notified by the tax deparment by way of issuing Notification.

The Notification Learn as follows:

In train of the powers conferred by sub-clause (vi) of clause (b) of the 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 sovereign wealth fund, particularly, the Norfund, Authorities of Norway, (hereinafter known as ”the assessee”) as the required particular person for the needs of the stated clause in respect of the 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 “stated investments”) topic to the fulfilment of the next circumstances.

(i) the assessee shall file return of revenue, for all of the related earlier years falling throughout the interval starting from the date through 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 underneath sub-section (1) of part 139 of the Act;

(ii) the assessee shall get its books of account audited for the earlier years referred to in clause (i) by any accountant specified within the Clarification beneath sub-section (2) of part 288 of the Act and furnish the Audit Report within the format annexed as Annexure to this notification herewith a minimum of one month previous to the due date specified for furnishing the return of revenue underneath sub-section (1) of part 139 of the Act;

(iii) the assessee shall furnish a quarterly assertion inside one month from the tip of every quarter electronically in Type II as annexed to the Round No 15 of 2020, dated the twenty second July, 2020 with F. No. 370142/26/2020-TPL, issued by the Ministry of Finance, Division of Income, Central Board of Direct Taxes (Tax Coverage and Laws Division), in respect of every funding made by it in the course of the stated quarter;

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

(v) the assessee shall proceed to be owned and managed, straight or not directly, by the Authorities of Norway and at no level of time every other particular person ought to have any possession or management, straight or not directly, within the assessee;

(vi) the assessee shall proceed to be regulated underneath the regulation of the Authorities of Norway;

(vii) the earnings of the assessee shall be credited both to the account of the Authorities of Norway or to every other account designated by that Authorities in order that no portion of the earnings inures to any personal particular person barring any cost made to collectors or depositors for mortgage or borrowing [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act] taken for the needs aside from for making funding in India;

(viii) the assessee shall not have any loans or borrowings [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act], straight or not directly, for the needs of constructing funding in India;

(ix) the asset of the assessee shall vest within the Authorities of Norway upon dissolution barring any cost made to collectors or depositors for mortgage taken or borrowing for the needs aside from for making funding in India; and

(x) the assessee shall not take part within the day after day operations of 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 precise to nominate administrators or government director shall not be thought of as participation within the day after day operations of the investee.

Violation of any of the circumstances as stipulated within the stated clause (23FE) and this notification shall render the assessee ineligible for the tax exemption.

For Official Notification Obtain PDF Given Beneath:

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