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TMI BlogU/s 10(23FE) of Income Tax Act 1961 - Central Government specifies the sovereign wealth fund namely, the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab EmiratesX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 theIncome-taxAct,1961 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:- (a)…………………………….…………………………….……&helli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as required in item (c) or (d) or (e) of sub-clause (iii) of clause (23FE) of section 10 (Attach calculation sheet as per relevant rules) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 1. 2. Total 7. *the SWF has not sold any of the investments made for the purposes of exemption under clause (23FE) of section 10 of the Income-tax Act, 1961 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 Income-tax Act, 1961 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: Sl. No. Date of investment Nature of investment (Instruction 4) Nature of income (instruction 5) Amount of income on investment during the year Details of the entity in which Investment made Date of sale Nature of entity (instruction 6) Name PAN (1) (2) (3) (4) (5) (6) (7) (8) (9) 1. 2. Total 8. The SWF satisfies all the conditions required for the purposes of exemption under clau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng has been taken (ii) Amount of loan or borrowing at the beginning of the year (iii) Amount of loan or borrowing received during the year (iv) Amount of loan or borrowing repaid during the year (v) Amount of loan or borrowing at the end of the year n) Whether separate segmented account is maintained for income and investment in respect of investment which qualifies for exemption under clause (23FE) of section 10 of the Act 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 certificate is to be given by an accountant as defined in the Explanation below sub-section (2) of section 288 of the Income-tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nitoring mechanism to protect the said investment with investee but shall not manage day to day operations of the investee or appoint executive directors in the investee company or participate in the decision making process or control them; and (xii) the assessee shall not carry out asset management activity for any person other than itself." 2. Substituted vide NOTIFICATION NO. 11/2022 dated 25-01-2022 before it was read as, "ANNEXURE Audit report to be filed by the Sovereign Wealth Fund claiming exemption under clause (23FE) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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