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CBDT Notifies Rule 2DCA for Computation of Minimum Investment and Exempt Income of Sovereign Wealth and Pension Fund under section 10(23FE)


CBDT vide Notification No. 50/2022 dated 06.05.2022 in G.S.R. 341(E) through Income-tax Amendment (Thirteenth Amendment) Rules, 2022 amended Income-tax Rules, 1962 to insert a new Rule 2DCA to prescribe computation of minimum investment and exempt income for the purposes of section 10(23FE) of the Income-tax Act, 1961 (‘Act’).

The Board has substituted Form 10BBB required to be furnished for intimating by Pension Fund of investment under clause (23FE) of section 10 of the Act.

Section 10(23FE) was inserted by the Finance Act, 2020 to provide for exemption to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund, and a pension fund. The exemption is provided for income in the nature of dividend, interest or long-term capital gains arising from an investment made by it in India.

Download CBDT Notification No. 50/2022 dated 06.05.2022 on Calculating Eligible Investment and Exempt Income u/s 10(23FE) in PDF format

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