Laws and sections by number or title, due dates, pages, and updates.
The Central Government specifies the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates as the specified person for the purposes of clause (23FE) of section 10 of the Income-tax Act, 1961. The assessee qualifies for tax exemption in respect of investments made in India on or after the date of publication of this notification in the Official Gazette and on or before the 31st day of March, 2024. The assessee satisfies specific conditions regarding the filing of return of income, audit of books of account, furnishing of quarterly statements, maintenance of segmented accounts, ownership and control by the Government of Abu Dhabi, regulation, earnings, loans or borrowings, asset vesting upon dissolution, restriction of commercial activity, investment monitoring mechanism, and asset management activity. Violation of any condition renders the assessee ineligible for the tax exemption.
What you must do
Key dates
Law this touches
Who is affected
If you do not comply
Ask about this notification
4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd November, 2020 (INCOME-TAX) S.O. 3952(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of the Explanation to clause (23FE) of section 10 of the Income-tax Act, 1961 (hereinafter referred to as the “Act”), the Central Government hereby specifies the sovereign wealth fund, namely, the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates, (hereinafter referred to as “the assessee”) as the specified person for the purposes of the said clause in respect of the investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024 (hereinafter referred to as “said investments”) subject to the fulfilment of the following conditions, namely:-
(i) the assessee shall file return of income, for all the relevant previous years falling within the period beginning from the date in which the said investment has been made and ending on the date on which such investment is liquidated, on or before the due date specified for furnishing the return of income under sub-section (1) of section 139 of the Act;
(ii) the assessee shall get its books of account audited for the previous years referred to in clause (i) by any accountant specified in the Explanation below sub-section (2) of section 288 of the Act and furnish the Audit Report in the format annexed as Annexure to this notification herewith at least one month prior to the due date specified for furnishing the return of income under sub- section (1) of section 139 of the Act.
(iii) the assessee shall furnish a quarterly statement within one month from the end of each quarter electronically in Form II as annexed to the Circular No 15 of 2020, dated the 22nd July, 2020 with F. No. 370142/26/2020-TPL, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (Tax Policy and Legislation Division), in respect of each investment made by it during the said quarter;
(iv) the assessee shall maintain a segmented account of income and expenditure in respect of such investment which qualifies for exemption under clause (23FE) of section 10 of the Act;
(v) the assessee shall continue to be owned and controlled, directly or indirectly, by the Government of the Abu Dhabi and at no point of time any other person should have any ownership or control, directly or indirectly, in the assessee;
(vi) the assessee shall continue to be regulated under the law of the Government of Abu Dhabi;
(vii) the earnings of the assessee shall be credited either to the account of the Government of Abu Dhabi or to any other account designated by that Government so that no portion of the earnings inures to any private person;
(viii) (a) the assessee does not and shall not have any loan, borrowing, advances, deposits or investment in it of any kind directly or indirectly from any person other than the Government of the Abu Dhabi;
(b) The assessee shall only invest the surplus fund of the Government of Abu Dhabi and that Government shall not raise any loan, debt etc. directly or indirectly, from the market or any entity to make the said investment;
(ix) the asset of the assessee shall vest in the Government of Abu Dhabi upon dissolution;
[भागII—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 5
: 2. PAN/ AADHAAR
: 3. Previous Year
: 4. Total Income of the Assessee during the previous year: 5. Amount of income eligible for exemption under clause (23FE) of section 10 of the Income-tax Act, 1961 : Place: …………… Date: ……………
6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] **(Signature and stamp/ Seal of the signatory)
Name of the signatory ………………
Full address ………………………
Membership No………………………
UDIN……………………………….. Notes: 3. *Delete whichever is not applicable. 4. This report has to be signed by an accountant falling within the meaning of expression “accountant” as provided in the Explanation below sub-section (2) of section 288 of the Income-tax Act, 1961.
[Notification No. 89/2020/ F. No. 370133/16/2020-TPL] ANKIT JAIN, Under Secy. (Tax Policy and Legislation Division)
