MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 16th  August, 2022

(INCOME-TAX)

S.O. 3828(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the “Act”), the Central Government hereby specifies the sovereign wealth fund, namely, INQ Holding LLC (PAN: AADCI5071P), (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:-

1. 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;
2. the assessee shall get its books of account audited for the previous years referred to in clause (i) by an 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;
3. the assessee shall furnish a quarterly statement within one month from the end of each quarter electronically in Form II as annexed to Circular No 15 of 2020, dated the 22^nd 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;
4. 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;  
5. the assessee shall continue to be owned and controlled, directly or indirectly, by the Government of Qatar, and at no point of time should any other person have any ownership or control, directly or indirectly, in the assessee;
6. the assessee shall continue to be regulated under the laws of the Government of Qatar;
7. the earnings of the assessee shall be credited either to the account of the Government of Qatar or to any other account designated by that Government so that no portion of the earnings inures any benefit to any private person, barring any payment made to creditors or depositors for loan taken or borrowing  [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act] made  for purposes other than for making investment in India;
8. the assessee shall not have any loan or borrowing [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act], directly or indirectly, for the purposes of making investment in India;
9. the asset of the assessee shall vest in the Government of Qatar upon dissolution, barring any payment made to creditors or depositors for loan taken or borrowing for purposes other than for making investment in India; and
10. the assessee shall not participate in the day-to-day operations of investee (as defined in clause (i) of Explanation 2 to clause (23FE) of section 10 of the Act), but any monitoring mechanism to protect the investment with the investee, including the right to appoint directors or executive director, shall not be considered as participation in the day-to-day operations of the investee.  

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

3. This notification shall come into force from the date of its publication in the Official Gazette.

ANNEXURE

Audit Report to be filed by the Sovereign Wealth Fund claiming exemption under of section 10 of the Income -tax Act, 1961

Part I

*I/we report that the statutory audit of M/s. ………...........…………………. Name and address of the assessee with Permanent Account Number or Aadhaar Number), the particulars of which are given in Part

II was conducted by *me/ us/ M/s. …………………………………………..………. as per the requirement under the Notification No …../…… dated ……… published in the Official Gazette on ……....  

 

2. In *my/ our opinion and to the best of *my/ our information and according to examination of books of account including other relevant documents and explanations given to*me/us, it is certified that the assessee *has/ has not complied with the conditions as laid down under clause (23FE) of section 10 of the Act and those provided in the said notification specifying the assessee being the Sovereign Wealth Fund as specified person for the purposes of claiming exemption under the said clause (23FE).

 

2.1 *The conditions not complied with by the assessee are as under:-

1. …………………………….…………………………….………………………………
2. …………………………….…………………………….………………………………

3. In *my/our opinion and to the best of *my/ our information and according to examination of books of account including other relevant documents and explanations given to *me/us, the particulars given in the Part II are true and correct subject to the following observations/qualifications, if any, namely:-

1. …………………………….…………………………….………………………………
2. …………………………….…………………………….………………………………

 

Part II

1. Name of the Assessee                  :
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  

(as per details in column 11 of table at item No.6)               :

6. The opening balance (i.e. the closing balance as on the last date of the preceding financial year) of the investment made which is eligible for exemption under cclause (23FE) of section 10 of the Act is _____________(in rupees) and details of the investment by the Sovereign Wealth Fund (SWF) during the period are as under:

7.*the SWF has not sold any of the investments made for the purposes of exemption under clause (23FE) of section 10 of the Act before the expiry of three years from the date on which the investment was made in respect of the said exemption/the SWF has sold certain investments made for the purposes of exemption under clause (23FE) of section 10 of the Act before the expiry of three years from the date on which the investment was made in respect of the said exemption, the details of which are as under:

8. The SWF satisfies all the conditions required for the purposes of exemption under clause (23FE) of section 10 of the Act, that is, -

Place: ……………  

Date: ……………

**(Signature and stamp/ Seal of the signatory)

 Name of the signatory ………….…………….  

Full address ……………………….…………  

Membership No………………………………

 UDIN……………………………………........

Note:  

1. *Delete whichever is not applicable.

2.** This report is to be given by an accountant as defined in the Explanation below sub-section (2) of section 288 of the Act.  

3. An “investee” shall have the same meaning as in clause (i) to Explanation 2 to clause (23FE) of section 10 of the Income-tax Act, 1961 and “loan and borrowing” shall have the same meaning as in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act.
4. One of the following codes is to be selected:

5. One of the following codes is to be selected:

6. One of the following codes is to be selected:

[Notification No. 95/2022/F. No. 500/SWF4/S10(23FE)/FT&TR-II(Pt.4)]

APOORV TIWARI, Under Secy.

MINISTRY OF FINANCE

(Department of Revenue)

[CENTRAL BOARD OF DIRECT TAXES]

NOTIFICATION

New Delhi, the 10th August,  2022

INCOME-TAX

 G.S.R. 622(E).—In exercise of the powers conferred by  clause (a) of the tenth proviso to clause (23C) of section 10 and sub-clause (i) of clause (b) of sub-section (1) of section 12A read with  section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. Short title and commencement.  (1) These rules may be called the Income-tax (24^th Amendment) Rules, 2022.

       (2)  They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, after rule 17A the following rule shall be inserted, namely: -

 “17AA. Books of account and other documents to be kept and maintained.— (1) Every fund or institution or trust or any university or other educational institution or any hospital or other medical institution which is required to keep and maintain books of account and other documents under clause (a) of tenth proviso to clause (23C) of section 10 of the Act or sub-clause (i) of clause (b) of sub-section (1) of section 12A of the Act shall keep and maintain the following, namely:-

1. books of account, including the following, namely: -
   1. cash book;
   2. ledger;
   3. journal;
   4. copies of bills, whether machine numbered or otherwise serially numbered, wherever such bills are issued by the assessee, and copies or counterfoils of machine numbered or otherwise serially numbered receipts issued by the assessee;
   5. original bills wherever issued to the person and receipts in respect of payments made by the  person;  
   6. any other book that may be required to be maintained in order to give a true and fair view of the state of the affairs of the  person  and explain the transactions effected;
2. books of account, as referred in clause (a), for business undertaking referred in sub-section (4) of section 11 of the Act;
3. books of account, as referred in clause (a), for business carried on by the assessee other than the business undertaking referred in sub-section (4) of section 11 of the Act;
4. other documents for maintaining, -

1. record of all the projects and  institutions run by the person containing details of their name, address and objectives;
2. record of income of the person during the previous year, in respect of, -
   1. voluntary contribution containing details of name of the donor, address, permanent account number (if available) and Aadhaar number (if available);
   2. income from property held under trust referred to under section 11 of the Act along with list of such properties;
   3. income of fund or institution or trust or any university or other educational institution or any hospital or other medical institution other than the contribution referred in items (I) and (II);
3. record of the following, out of the income of the person during the previous year, namely: -
   1. application of income, in India, containing details of amount of application, name and address of the person to whom any credit or payment is made and the object for which such application is made;
   2. amount credited or paid to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Act or other trust or institution registered under section 12AB of the Act, containing details of their name, address, permanent account number and the object for which such credit or payment is made;  
   3. application of income outside India containing details of amount of application, name and address of the person to whom any credit or payment is made and the object for which such application is made;
   4. deemed application of income referred in clause (2) of Explanation 1 of sub-section (1) of section 11 of the Act containing details of the reason for availing such deemed application;
   5. income accumulated or set apart  as per the provisions of the Explanation 3 to the third proviso to clause (23C) of section 10 or sub-section (2) of section 11 of the Act which has not been applied or deemed to be applied containing details of the purpose for which such income has been accumulated;
   6. money invested or deposited in the forms and modes specified in sub-section (5) of section 11 of the Act;
   7. money invested or deposited in the forms and modes other than those specified in subsection (5) of section 11 of the Act;
4. record of the following, out of the income of the person of any previous year preceding the current previous year, namely: -
   1. application out of the income accumulated or set apart containing details of year of accumulation, amount of application during the previous year out of such accumulation, name and address of the person to whom any credit or payment is made and the object for which such application is made;
   2. application out of the deemed application of income referred to in clause (2) of Explanation 1 of sub-section (1) of section 11 of the Act, for any preceding previous year, containing details of year of deemed application, amount of application during the previous year out of such deemed application, name and address of the person to whom any credit or payment is made and the object for which such application is made;
   3. application, other than the application referred in item (I) and item (II),  out of income accumulated during any preceding previous year containing details of year of accumulation, amount of application during the previous year out of such accumulation, name and address of the person to whom any credit or payment is made and the object for which such application is made;
   4. money invested or deposited in the forms and modes specified in sub-section (5) of section 11 of the Act;
   5. money invested or deposited in the forms and modes other than those specified in subsection (5) of section 11 of the Act;
5. record of voluntary contribution made with a specific direction that they shall form part of the corpus, in respect of-
   1. the contribution received during the previous year containing details of name of the donor, address, permanent account number (if available) and Aadhaar number (if available);
   2. application out of such voluntary contribution referred to in item (I)  containing details of amount of application, name and address of the person to whom any credit or payment is made and the object for which such application is made;
   3. amount credited or paid towards corpus to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in subclause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Act or other trust or institution registered under section 12AB of the Act,  out of such voluntary contribution received during the previous year containing details of their name, address, permanent account number and the object for which such credit or payment is made;
   4. the forms and modes specified in sub-section (5) of section 11 of the Act in which such voluntary contribution, received during the previous year, is invested or deposited;
   5. money invested or deposited in the forms and modes other than those specified in subsection (5) of section 11 of the Act in which such voluntary contribution, received during the previous year, is invested or deposited;  
   6. application out of such voluntary contribution, received during any previous year preceding the previous year, containing details of the amount of application, name and address of the person to whom any credit or payment is made and the object for which such application is made;  
   7. amount credited or paid  towards corpus to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in subclause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Act or other trust or institution registered under section 12AB of the Act,  out of such voluntary contribution received during any year preceding the previous year, containing details of their name, address, permanent account number and the object for which such credit or payment is made;
   8. the forms and modes specified in sub-section (5) of section 11 of the Act in which such voluntary contribution, received during any previous year preceding the previous year, is invested or deposited;
   9. money invested or deposited in the forms and modes other than those specified in subsection (5) of section 11 of the Act in which such voluntary contribution, received during any previous year preceding the previous year, is invested or deposited;
   10. amount  invested or deposited back in to such voluntary contribution (which was applied during any preceding previous year and not claimed as application) including details of the forms and modes specified in sub-section (5) of section 11 in which such voluntary contribution is invested or deposited;
6. record of contribution received for the purpose of renovation or repair of temple, mosque, gurdwara, church or other place notified under clause (b) of sub-section (2) of section 80G which is being treated as corpus as referred in Explanation 1A to the third proviso to clause (23C) of section 10 or

Explanation 3A to sub-section (1) of section 11, in respect of,-   

1. the contribution received during the previous year containing details of name of the donor, address, permanent account number (if available) and Aadhaar number (if available);
2. contribution received during any previous year preceding the previous year, treated as corpus during the previous year, containing details of name of the donor, address, permanent account number (if available) and Aadhaar number (if available);
3. application out of such voluntary contribution referred to in item (I) and item (II) containing details of amount of application, name and address of the person to whom any credit or payment is made and the object for which such application is made;  
4. amount credited or paid towards corpus to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Act or other trust or institution registered under section 12AB of the Act,  out of such voluntary contribution received during the previous year containing details of their name, address, permanent account number and the object for which such credit or payment is made;
5. the forms and modes specified in sub-section (5) of section 11 of the Act in which such corpus, received during the previous year, is invested or deposited;
6. money invested or deposited in the forms and modes other than those specified in subsection (5) of section 11 of the Act in which such corpus, received during the previous year, is invested or deposited;  
7. application out of such corpus, received during any previous year preceding the previous year, containing details of amount of application, name and address of the person to whom any credit or payment is made and the object for which such application is made;  
8. amount credited or paid to  towards corpus any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in subclause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 of the Act or other trust or institution registered under section 12AB of the Act,  out of such voluntary contribution received during any year preceding the previous year, containing details of their name, address, permanent account number and the object for which such credit or payment is made;
9. the forms and modes specified in sub-section (5) of section 11 of the Act in which such corpus, received during any previous year preceding the previous year, is invested or deposited;  money invested or deposited in the forms and modes other than those specified in sub-section (5) of section 11 of the Act in which such corpus, received during any previous year preceding the previous year, is invested or deposited; (vii) record of loans and borrowings,-  
10. containing information regarding amount and date of loan or borrowing, amount and date of repayment, name of the person from whom loan taken, address of lender, permanent account number and Aadhaar number( if available) of the lender;
11. application out of such loan or borrowing containing details of amount of application, name and address of the person to whom any credit or payment is made and the object for which such application is made;  
12. application out of such loan or borrowing, received during any previous year preceding the previous year, containing details of amount of application,  name and address of the person to whom any credit or payment is made;  
13. repayment of such loan or borrowing (which was applied during any preceding previous year and not claimed as application) during the previous year;

(viii) record of properties held by the assessee, with respect to the following, namely, -

(I) immovable properties containing details of,

1. nature, address of the properties, cost of acquisition of the asset, registration documents of the asset;
2. transfer of such properties, the net consideration utilised in acquiring the new capital asset;

(II) movable properties including details of the nature and cost of acquisition of the asset;

(ix) record of specified persons, as referred to in sub-section (3) of section 13 of the Act,-

1. containing details of their name, address, permanent account number and Aadhaar number (if available);
2. transactions undertaken by the fund or institution or trust or any university or other educational institution or any hospital or other medical institution with specified persons as referred to in sub-section (3) of section 13 of the Act containing details of date and amount of such transaction, nature of the transaction and documents to the effect that such

transaction is, directly or indirectly, not for the benefit of such specified person;

(x) any other documents containing any other relevant information.

2. The books of accounts and other documents specified in sub-rule (1) may be kept in written form or in electronic form or in digital form or as print-outs of data stored in electronic form or in digital form or any other form of electromagnetic data storage device.

3. The books of account and other documents specified in sub-rule (1) shall be kept and maintained by the fund or institution or trust or any university or other educational institution or any hospital or other medical institution at its registered office:

Provided that all or any of the books of account  and other documents as referred to in sub-rule (1) may be kept at such other place in India as the management may decide by way of a resolution and where such a resolution is passed, the fund or institution or trust or any university or other educational institution or any hospital or other medical institution shall, within seven days thereof, intimate the jurisdictional Assessing Officer in writing giving the full address of that other place and such intimation shall be duly signed and verified by the person who is authorised to verify the return of income under section 140 of the Act, as applicable to the assessee.

4. The books of account and other documents specified in sub-rule (1) shall be kept and maintained for a period of ten years from the end of the relevant assessment year:

Provided that where the assessment in relation to any assessment year has been reopened under section 147 of the Act within the period specified in section 149 of the Act, the books of account and other documents which were kept and maintained at the time of reopening of the assessment shall continue to be so kept and maintained till the assessment so reopened has become final.”.

 [Notification No. 94/2022/ F. No. 370142/34/2022-TPL]

NEHA SAHAY, Under Secy.

Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969 (E) dated the 26^th March, 1962 and last amended vide notification number G.S.R. 610  dated 1^st August, 2022.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION

New Delhi, the 5th August, 2022

(INCOME-TAX)

S.O. 3707(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Government hereby specifies the sovereign wealth fund, namely, Qatar Holding LLC (PAN: AAACQ3167H), (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:-

1. 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;
2. the assessee shall get its books of account audited for the previous years referred to in clause (i) by an 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;
3. the assessee shall furnish a quarterly statement within one month from the end of each quarter electronically in Form II as annexed to Circular No 15 of 2020, dated the 22^nd 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;
4. 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;
5. the assessee shall continue to be owned and controlled, directly or indirectly, by the Government of Qatar, and at no point of time should any other person have any ownership or control, directly or indirectly, in the assessee;
6. the assessee shall continue to be regulated under the laws of the Government of Qatar;
7. the earnings of the assessee shall be credited either to the account of the Government of Qatar or to any other account designated by that Government so that no portion of the earnings inures any benefit to any private person, barring any payment made to creditors or depositors for loan taken or borrowing  [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act; ] made  for purposes other than for making investment in India;
8. the assessee shall not have any loan or borrowing [as defined in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act; ], directly or indirectly, for the purposes of making investment in India;
9. the asset of the assessee shall vest in the Government of Qatar upon dissolution, barring any payment made to creditors or depositors for loan taken or borrowing for purposes other than for making investment in India; and
10. the assessee shall not participate in the day to day operations of investee (as defined in clause (i) of Explanation 2 to clause (23FE) of section 10 of the Act; ), but any monitoring mechanism to protect the investment with the investee, including the right to appoint directors or executive director, shall not be considered as participation in the day-to-day operations of the investee.  

2. Violation of any of the conditions as stipulated in clause (23FE) of section 10 of the Act; and this notification shall render the assessee ineligible for the tax exemption.

3. This notification shall come into force from the date of its publication in the Official Gazette.

ANNEXURE

Audit Report to be filed by the Sovereign Wealth Fund claiming exemption under of section 10 of the Income -tax Act, 1961

Part I

*I/we report that the statutory audit of M/s. ………...........…………………. Name and address of the assessee with Permanent Account Number or Aadhaar Number), the particulars of which are given in Part

II was conducted by *me/ us/ M/s. …………………………………………..………. as per the requirement under the Notification No …../…… dated ……… published in the Official Gazette on ……....

2. In *my/ our opinion and to the best of *my/ our information and according to examination of books of account including other relevant documents and explanations given to*me/us, it is certified that the assessee *has/ has not complied with the conditions as laid down under clause (23FE) of section 10 of the Act; and those provided in the said notification specifying the assessee being the Sovereign Wealth Fund as specified person for the purposes of claiming exemption under the said clause (23FE).

2.1 *The conditions not complied with by the assessee are as under:-

1. …………………………….…………………………….………………………………
2. …………………………….…………………………….………………………………

3. In *my/our opinion and to the best of *my/ our information and according to examination of books of account including other relevant documents and explanations given to *me/us, the particulars given in the Part II are true and correct subject to the following observations/qualifications, if any, namely:-

1. …………………………….…………………………….………………………………
2. …………………………….…………………………….………………………………

Part II

1. Name of the Assessee                  :
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  

(as per details in column 11 of table at item no.6)               :

6. The opening balance (i.e. the closing balance as on the last date of the preceding financial year) of the investment made which is eligible for exemption under clause (23FE) of section 10 is _____________(in rupees) and details of the investment by the Sovereign Wealth Fund (SWF) during the period are as under:

7.*the SWF has not sold any of the investments made for the purposes of exemption under clause (23FE) of section 10 of the Act; before the expiry of three years from the date on which the investment was made in respect of the said exemption/the SWF has sold certain investments made for the purposes of exemption under clause (23FE) of section 10 of the Act; before the expiry of three years from the date on which the investment was made in respect of the said exemption, the details of which are as under:

8. The SWF satisfies all the conditions required for the purposes of exemption under clause (23FE) of section 10 of the Act; , that is, -

Place: ……………  

Date: ……………

**(Signature and stamp/ Seal of the signatory)

 Name of the signatory ……….……………  

Full address ………………………………  

Membership No………..…………………

 UDIN……………………………………..

Instructions: 1. *Delete whichever is not applicable.

2.** This report is to be given by an accountant as defined in the Explanation below sub-section (2) of section 288 of the Act.  

3. An “investee” shall have the same meaning as in clause (i) to Explanation 2 to clause (23FE) of section 10 of the Income-tax Act, 1961 and “loan and borrowing” shall have the same meaning as in sub-clause (a) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act; .
4. One of the following codes is to be selected:

5. One of the following codes is to be selected:

6. One of the following codes is to be selected:

[Notification No. 93/2022/F. No. 500/SWF3/S10(23FE)/FT&TR-II(Pt.3)]

APOORV TIWARI, Under Secy.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 5th August, 2022

S.O. 3705(E).— In exercise of the powers conferred by clause (XIII) of the first proviso to clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following conditions, namely:-

1. (i)  the death of the individual should be within six months from the date of testing positive or from the date of being clinically determined as a COVID-19 case, for which any sum of money has been received by the member of the family;

 (ii) the family member of the individual shall keep a record of the following documents, -

1. the COVID-19 positive report of the individual, or medical report if clinically determined to be COVID-19 positive through investigations in a hospital or an inpatient facility by a treating physician;
2. a medical report or death certificate issued by a medical practitioner or a Government civil registration office, in which it is stated that death of the person is related to corona virus disease (COVID-19).

2. Statement of any sum of money received by a member of the family of a deceased person from the employer of the deceased person or from any other person or persons, on account of death due to COVID-19 for the purposes of clause (XIII) of the first proviso to clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 (43 of 1961) shall be verified and furnished in Form A.

3.    The details of the amount received in any financial year shall be furnished in Form A to the Assessing Officer within nine months from the end of such financial year or 31.12.2022 whichever is later.

Form A:

Declaration

I, __________________________________________________________________ (Name in full and in block letters) son/daughter/wife of __________________________________________ do hereby declare that:

To the best of my knowledge and belief whatever is stated in the above columns including the documents attached supporting the statement is correct and complete.

1. further declare that during the previous year…….mm/dd/yyyy the total amount received by me is solely on account of death of my family member due to COVID-19.

 Place:

Date:

Yours faithfully,

 Signature …………….……………….

Name…………………………………

Designation…………………………

4. This notification shall be deemed to have come into force from the 1st day of April, 2020 and shall apply in relation to the assessment year 2020-2021 and subsequent assessment years.

 [Notification No. 92/ 2022/ F. No. 370142/31/2022-TPL (Part-2)]

UMME FARDINA ADIL, Under Secy., Tax Policy and Legislation Division

Note : It is certified that no person is being adversely affected by granting retrospective effect to this notification

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 5th August, 2022

S.O. 3704(E).—In exercise of the powers conferred by clause (XII) of the first proviso of clause (x) of sub-section (2) of section 56 of theIncome-tax Act,1961 (43 of 1961),the Central Government hereby specifies the following conditions, namely:-

1. The individual shall keep a record of the following documents, namely:-
   1. the COVID-19 positive report of the individual or his family member, or medical report if clinically determined to be COVID-19 positive through investigations in a hospital or an in-patient facility by a treating physician for a person so admitted;
   2. all necessary documents of medical diagnosis or treatment of the individual or family member due to COVID-19 or illness related to COVID-19 suffered within six months from the date of being determined as a COVID-19 positive;
2. Statement of any amount received for any expenditure actually incurred by an individual for his medical treatment or treatment of any member of his family, for any illness related to COVID-19 for the purposes of clause (XII) of the first proviso to clause (X) of sub-section (2) of section 56 of the Income-tax Act, 1961 shall be verified and furnished in Form No. 1.
3. The details of the amount received in any financial year shall be furnished in Form No. 1 to the Income Tax Department within nine months from the end of such financial year or 31.12.2022, whichever is later.

Form No. 1

Declaration

I, __________________________________________________________________ (Name in full and in block letters) son/daughter/wife of __________________________________________ do hereby declare that:

To the best of my knowledge and belief whatever is stated in the above columns including the documents attached supporting the statement is correct and complete.

I further declare that during the previous year…….mm/dd/yyyy the total amount received by me is solely for the purpose of expenditure actually incurred by me for my medical treatment/ treatment of member of my family, for any illness related to COVID-19.

Place:

Date:  

Yours faithfully,

Signature …………….……………….

Name…………………………………

Designation…………………………

4. This notification shall be deemed to have come into force from the 1st day of April, 2020 and shall apply in relation to the assessment year 2020-2021 and subsequent assessment years.

[Notification No. 91/2022/F. No. 370142/31/2022-TPL (Part-2)]  

UMME FARDINA ADIL, Under Secy., Tax Policy and Legislation Division  

Note : It is certified that no person is being adversely affected by granting retrospective effect to this notification.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 5th August, 2022

S.O. 3703(E).—In exercise of the powers conferred by sub-clause (c) of clause (ii) of the first proviso to clause (2) of section 17 of the Income-tax Act,1961 (43 of 1961),the Central Government hereby notifies the following conditions, namely:-

1. The employee shall submit the following documents to the employer, –
   1. the COVID-19 positive report of the employee or family member, or medical report if clinically determined to be COVID-19 positive through investigations, in a hospital or an in-patient facility by a treating physician of a person so admitted;
   2. all necessary documents of medical diagnosis or treatment of the employee or his family member for COVID-19 or illness related to COVID-19 suffered within six months from the date of being determined as COVID-19 positive; and
   3. a certification in respect of all expenditure incurred on the treatment of COVID-19 or illness related to COVID-19 of the employee or of any member of his family.

2. This notification shall be deemed to have come into force from the 1st day of April, 2020 and shall apply in relation to the assessment year 2020-2021 and subsequent assessment years.

[Notification No. 90 /2022/F. No. 370142/31/2022-TPL (Part-2)]  

UMME FARDINA ADIL, Under Secy., Tax Policy and Legislation Division  

Note:  It is certified that no person is being adversely affected by granting retrospective effect to this notification

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 3rd August, 2022

INCOME-TAX

S.O. 3652 (E).—In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, (Department of  Revenue), number 16/2020, dated the 5^th March, 2020, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 986(E), dated 5^th March, 2020, namely:-

In the said notification, -

1. in the first para, after clause (v), the following clause shall be inserted, namely: -

  “(vi) Bullion Depository Receipt with underlying bullion,”  

2. in the Explanation, after clause (b), the following clause shall be inserted, namely: -

 “(c) “Bullion Depository Receipt with underlying bullion”shall have the same meaning as assigned to it in clause (iii) of Explanation by the Department of Economic Affairs, Ministry of Finance vide its notification number S.O. 2957 (E), published in Gazette of India, Extraordinary, vide number, F.No.3/7/2020-EM  dated the 31^st August, 2020.”

2. This notification shall come into force with effect from the date of its publication in the Official Gazette.

[Notification No. 89/2022/F. No. 370142/26/2019-TPL-Part(1)]

UMME FARDINA ADIL, Under Secy. (TAX POLICY & LEGISLATION)

Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii), vide number S.O. 986(E) dated 5^th March, 2020

MINISTRY OF FINANCE

Department of Revenue

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 2nd August, 2022

S.O. 3616(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Telangana State Pollution Control Board (PAN AAAGT0080Q), a Board constituted by the State Government of Telangana under the Water (Prevention and Control of Pollution) Act, 1974 (6 of 1974), in respect of the following specified income arising to that Board, namely:-

1. consent fee received under the Water (Prevention and Control of Pollution) Act, 1974 (6 of 1974) and Air(Prevention and Control of Pollution) Act, 1981 (14 of 1981);
2. analysis fees or air ambient quality survey fees or noise level survey fees;
3. reimbursement of the expense received from Central Pollution Control Board towards National Water Quality Monitoring Programme and National Air Quality Monitoring Programme like schemes;
4. authorisation fees;
5. cess reimbursement and Cess appeal fees;
6. grants from State or Central Governments;
7. fees received under the Right to Information Act, 2005 (22 of 2005);
8. interest on loans and advances given to the staff;
9. miscellaneous income like tenders fees etc.;
10. penalties for non-compliance and Invoking of Bank Guarantees; and
11. interest earned on (a) to (j) above.

2. This notification shall be effective subject to the conditions that the Telangana State Pollution Control Board,-  

1. shall not engage in any commercial activity;
2. activities and the nature of the specified income shall remain unchanged throughout the financial years; and
3. shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for the financial years 2016-2017, 20172018, 2018-2019, 2019-2020 and 2020-2021 subject to the outcome of the Special Leave Petition filed by Central Board of Direct Taxes vide Diary No.19832/2022 in the Hon’ble Supreme Court of India against the Common order dated 26.07.2021 in W.P.4834/2020 and 15629/2020 by the High Court for the State of Telangana.

 [Notification No. 88/2022/F. No. 300196/19/2017-ITA-I]

SOURABH JAIN, Under Secy.

Explanatory Memorandum

This notification is issued in compliance to the Hon’ble High Court for the State of Telangana’s Common Order dated 26.07.2021 in W.P. No.4834/2020 and 15629/2020 in case of Telangana State Pollution Control Board and Andhra Pradesh Pollution Control Board vs. CBDT & ors. Special Leave Petition has been filed by Diary No.19832/2022 in the Hon’ble Supreme Court of India against the above mentioned Order dated 26.07.2021 of the Hon’ble High Court of Telangana.  It is certified that no person is being affected adversely by giving retrospective effect to this notification.  

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 1st August, 2022

INCOME-TAX

G.S.R. 610(E).— In exercise of the powers conferred by clause (4E) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely:-

1. Short title and commencement.—(1) These rules may be called the Income-tax (Twenty Third

Amendment) Rules, 2022.                                            

(2) They shall come into force from the date of their publication in the Official Gazette.

2.   In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 21AK, -

(A) in sub-rule (1), -

(a) in the opening paragraph, after the words “non-deliverable forward contracts”, the words “or offshore derivative instruments or over-the-counter derivatives,” shall be inserted

   (b) in clause (i), after the words “non-deliverable forward contract”, the words “or offshore derivative instrument or over-the-counter derivative” shall be inserted;

(c) in clause (ii), after the word “contract”, the words “, instrument or derivative” shall be inserted;

(B) for the Explanation, following shall be substituted, namely:-

     “Explanation.—For the purpose of this rule, the expression,—

1. “derivative” shall have the same meaning  as assigned to it in clause (ac) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956);
2. "a non-deliverable forward contract" shall mean a contract for the difference between an exchange rate agreed before and the actual spot rate at maturity, with the spot rate being taken as the domestic rate or a market determined rate and such contract being settled with a single payment in a foreign currency;
3. "offshore banking unit" means a banking branch Unit located in an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA of the Act;
4. “offshore derivative instrument” shall have the same meaning as assigned to it in clause (o) of sub-regulation (1) of regulation (2) of the SEBI Foreign Portfolio Investor Regulations, 2019;
5. “over-the-counter derivatives" shall mean a derivative contract that is not traded on an exchange but instead is privately negotiated between a purchaser and a seller; and
6. "permanent establishment" shall have the meaning as assigned to it in clause (iiia) of section 92F of the Act.  

           [Notification No. 87/2022/ F. No. 370142/36/2022-TPL]

UMME FARDINA ADIL, Under Secy. (Tax Policy and Legislation Division)

Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Subsection (ii), vide notification number S.O. 969(E) dated the 26^th March, 1962 and were last amended vide notification number G.S.R. 537(E) dated the 12^th July, 2022.

 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS

NOTIFICATION No. 17/2022 – Central Tax

New Delhi, the 1^st August, 2022

G.S.R.....(E).– In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21^st March, 2020, published in the Gazette of India, Extraordinary, Part II,

Section 3, Sub-section (i) vide number G.S.R. 196(E), dated 21^st March, 2020, namely:-  

In the said notification, in the first paragraph, with effect from the 1^st day of October, 2022, for the words “twenty crore rupees”, the words “ten crore rupees” shall be substituted.

[F. No. CBIC-20021/2/2022-GST]

(Rajeev Ranjan)

Under Secretary

Note: The principal notification No. 13/2020 – Central Tax, dated the 21^st March, 2020 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated the 21^st March, 2020 and was last amended vide notification No. 01/2022-Central Tax, dated the 24^th  February, 2022, published vide number G.S.R. 159(E), dated the 24^th February, 2022.

Notification No. 05 of 2022

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

Directorate of Systems

New Delhi, dated : 29.07.2022

Subject: – Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically- reg.

The Central Board of Direct Taxes (CBDT) vide Circular No. 3/2009 dated 21­05-2009 notified the new Income Tax Return (ITR) forms for Assessment Year 2009-10 and provided the facility of furnishing ITR in the following manner:

i. Furnishing the return in paper form

ii. Furnishing the return electronically under digital signature

iii. Transmitting the data in the return electronically and thereafter submitting the verification of the return in form ITR-V to CPC within 30 days after transmitting the data electronically

iv. Furnishing a bar coded return in paper form.

2. Further as per clarifications provided in para 9 of the said circular, the date of transmitting the data electronically will be the date of furnishing the return if the form ITR-V is submitted within 30 days after the date of transmitting the data In case, form ITR-V is submitted after the above-mentioned period, it will be deemed that the return in respect of which the form ITR-V has been filled was never submitted and it shall be incumbent on the assessee to electronically re­transmit the data and follow it up by submitting the new form ITR-V within 30 days. Later, the CBDT extended the time-limit for filing ITR-V to 120 days from the date of uploading the return of income. (Press Release dated 27.01.2010).

3. The CBDT vide Notification no. 02/2012/F.No.142/27/2011-S0 (TPL) dated 04.01.2012, notified the Centralised Processing of Returns Scheme, 2011 (CPR Scheme 2011). Rule 14 of CPR Scheme 2011 delegates the power to specify the mode, manner and time for verification of ITR-V.

4. It has been decided that in respect of any electronic transmission of return data on or after the date this Notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return of income electronically.

5. It is clarified that where the return data is electronically transmitted before the date on which this Notification comes into effect the earlier time limit of 120 days would continue to apply in respect of such returns.

6. It is further clarified:

(i) Where ITR data is electronically transmitted and e-verified/ITR-V submitted within 30 days of transmission of data — in such cases the date of transmitting the data electronically shall be considered as the date of furnishing the return of income.

(ii) Where ITR data is electronically transmitted but e-verified or ITR-V submitted beyond the time-limit of 30 days of transmission of data — in such cases the date of e-verification/ITR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Act shall follow.

7. Duly verified ITR-V in the prescribed format and in the prescribed manner should be sent by speed post only to

Centralised Processing Centre,

Income Tax Department,

Bengaluru — 560500, Karnataka.

8. The date of dispatch of Speed Post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the data of Income-tax return electronically.

9. This Notification shall be applicable for electronically transmitted Income-tax return data filed on the e-filing portal (www.incometax.gov.in). This issues by the power conferred to the undersigned under the Rule 14 of Centralized Processing of Returns Scheme 2011 (CPR Scheme 2011) dated 04.01.2012, notified by the CBDT Notification No. 02/2012- F. No. 142/27/2011-SO(TPL).

10. This notification will come into effect from 01.08.2022.

11. Hindi version to follow.

(Govond Lal)

Director General of Income-tax(Systems)

Copy to:

i. PS to FM/OSD to FM/PS to MoS(F)/OSDto Mos(F)

ii. PS to Secretary (Revenue)

ii. Chairman, CBDT & All Members, CBDT

iv. All Pr.cCIT/ Pr. DGsIT

v. All Joint Secretaries/CsIT, CBDT

vi. C&AG

vi. Addl.CIT(Database cell) for uploading on the departmental website

vii. Guard File

Ramesh Krishnamurthi

ADG(S)-3, New Delhi

F. No. DGIT(S)/ADG(S)-1/FiLLiP form for LLP/2022-23/

Government of India

Ministry of Finance

Central Board of Direct Taxes

Directorate of Income-tax (Systems)

Notification 04 of 2022-Income-tax

New Delhi, 26^th July, 2022

Subject: Procedure of PAN application & allotment through Simplified Proforma for incorporating Limited Liability Partnerships (LLPs) electronically {Form: FiLLiP} of Ministry of Corporate Affairs.

Proviso to sub-rule (1) to rule 114 of Income Tax Rules, 1962 notified vide notification G.S.R. No. 117(E) dated 9/02/2017, states that:

“an applicant may apply for allotment of permanent account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General of Income Tax (Systems) or Director General of Income-tax (Systems) shall specify the classes of persons, forms and format along with procedure for safe and secure transmission of such forms and formats in relation to furnishing of Permanent Account Number (PAN)“.

2. A Common Application Form (CAF) in the form of Simplified Proforma for incorporating Limited Liability Partnership (LLP) (Form — FiLLiP) has been notified by the Ministry of Corporate Affairs vide notification G. S. R. 173(E), dated 4/03/2022.

3. In exercise of the powers delegated by the Central Board of Direct Taxes vide notification G.S.R. No. 117(E) dated 9/02/2017, the Director General of Income-tax (Systems) lays down the classes of persons, forms, format and procedure for Permanent Account Number (PAN) as under:

(Govind Lal)

Director General of Income-tax (Systems)

New Delhi.

Copy to:

1. Chairman and Members, CBDT, North Block, New Delhi.

2. Web Manager, “incometaxindia.gov.in” for hosting on the website.

3. Database cell for uploading on www.irsofficersonline.gov.in and in DGIT (S) corner.

4. ITBA publisher for uploading on ITI3A portal.

5. Ministry of Corporate Affairs.

6. Guard file.

(G. S. S. S. Gopinath)

Addl. DGIT (Systems) -1

New Delhi.