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TMI BlogIncome-tax Amendment (Thirteenth Amendment) Rules, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... tages referred to in item (c), item (d) and item (e) of sub-clause (iii) , and the exempt income referred to in the fourth, fifth and sixth proviso shall be calculated in accordance with this rule. (2) The percentage referred to in item (c) of sub-clause (iii) of clause (23FE) of section 10 of the Act shall be calculated in the following manner, namely:- (A+C+D)/B * 100 Where,- A = Aggregate of eligible investments, appearing in the balance sheet of the Alternative Investment Fund as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year, made in one or more of the company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE) of section 10 of the Act or in an Infrastructure Investment Trust referred to in sub-clause (i) of clause (13A) of section 2 of the Act; B= Aggregate of eligible investments appearing in the balance sheet of the Alternative Investment Fund as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year; C = Aggregat ..... 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(iii) of clause (23FE) of section 10 of the Act shall be calculated in the following manner, namely:- E /F * 100 Where,- E = Aggregate of eligible investments, appearing in the balance sheet of the domestic company as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year, made in one or more of the company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE) of section 10 of the Act; and F= Aggregate of eligible investments appearing in the balance sheet of the domestic company as on the last date of all the financial years starting from the financial year 2021-22 and ending on the financial year immediately preceding the relevant previous year: Provided that in the case of financial year 2021-22 being the relevant previous year, the above amounts shall be calculated using the aggregate of eligible investments, appearing in the balance sheet of the financial year 2021-22 as on 31st March 2022: Provided further that in a case where the relevant previous year is the year in which the first investment is made by the domestic company, the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt relevant previous years, the percentage referred to in item (e) of sub-clause (iii) of clause (23FE) of section 10 of the Act shall be deemed to have been satisfied if the same is satisfied for the financial year 2024-25 being the relevant previous year. (5) For the purposes of the fourth proviso to sub-clause (iii) of clause (23FE) of section 10 of the Act, the income accrued or arisen or attributed to, or received by, the specified person, who is a unit holder of an Alternative Investment Fund, out of investment made in that fund, shall be chargeable to income-tax in the same manner as if it were the income accrued or arisen or attributed to, or received by, such person had the investment made by such investment fund been made directly by him and the calculation of exempt income of the specified person arising from the investment in such fund during the relevant previous year shall be made in the following manner, namely:- I+J+K+L where.- I = Income accrued or arisen or attributed or received during the relevant previous year from the eligible investments made by the Alternative Investment Fund in companies or enterprises or entities referred to in item (b) of sub-clause (iii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the previous year immediately preceding the relevant previous year (last date of the relevant previous year if eligible investment has been made during the relevant previous year for the first time), made by domestic company in one or more of the company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE) of section 10 of the Act, out of investment made by the specified person on or after the date of notification of the specified person under the said clause; and O = Aggregate of investments, appearing in the balance sheet of the domestic company as on the last date of the previous year immediately preceding the relevant previous year (last date of the relevant previous year if eligible investment has been made during the relevant previous year for the first time), out of any investment made by the specified person. (7) For the purposes of sixth proviso to sub-clause (iii) of clause (23FE) of section 10 of the Act, the exempt income during the relevant previous year shall be calculated in the following manner, namely:- P /R * Q Where,- P = income accrued or arisen or attributed or received during the relevant previous year from the investment m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall - (i) specify the procedure, formats and standards for ensuring secure capture and transmission of the data in Form No. 10BBD; and (ii) specify the procedure, format, data structure, standards and manner of generation of electronic verification code, referred to in sub-rule (9), for verification of the person furnishing the said Form; and (ii) be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the Form No 10BBD so furnished. Explanation 1: For the purposes of this rule, the expressions - (a) Alternative Investment Fund means Category I or Category II Alternative Investment Fund referred to in item (c) of sub-clause (iii) of clause (23FE) of section 10 of the Act; (b) Balance Sheet means the balance-sheet (including the notes annexed thereto and forming part of the accounts) drawn up as on 31st day of March of the relevant financial year which gives a true and fair view of the state of affairs , complies with applicable accounting standards and has been audited by the auditor of the relevant Alternative ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Sl No Date of investment Amount of investment (in Rs) Nature of investment (Note 3) $ Nature of income (Note 4) # Details of the entity in which Investment made Nature of entity (Note 5) ^ Name PAN (1) (2) (3) (4) (5) (6) (7) (8) 1. 2. Total Verification* I, __________________________, son/ daughter/ wife** of Shri ______________________, solemnly declare that to the best of my knowledge and belief, the information given above is correct and complete and particulars shown therein are truly stated. 2. I further declare that to the best of my knowledge; I have not concealed any relevant fact or information. 3. I also declare that I am making this application in my capacity as __________ (designation) and that I am holding PAN/ Aadhaar** _____ and I am competent to make this application and verify it. Verified today the ___________ day of ______________ Place __________ (Signature) ________________ Name ________________ Notes: 1. *To be signed by the person competent to verify the return of income under section 140 of the Incometax Act, 1961. 2. **Delete whichever is not applicable. 3. $One of the following codes is to be selected: Nature of Investment Code Debt 1 Equity 2 Prefere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or exemption under clause (23FE) of section 10 (Attach calculation sheet as per relevant rules) Nature of entity (note5) ^ Name PAN If nature of entity code is 3/4/5, whether the entity has made minimum investment of 50 or75 or90 percent 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. * (a) whether the pension fund has 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 (Yes/NO). (b) If answer to (a) is yes then the details of which are as under: Sl. No. Date of investment Nature of investment (Note 3) $ Nature of income (note 4) # Amount of income on investment during the year Details of the entity in which Investment was made Date of sale Nature of entity (note 5) Name PAN (1) (2) (3) (4) (5) (6) (7) (8) (9) 1. 2. Total 8. the Pension Fund satisfies all the conditions required for the purposes of exemption under clause (23FE) of section 10 of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the year v. Amount of loan or borrowing at the end of the year j) 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 Yes/No k) Whether it is liable to tax in such foreign country; Yes/No l) In answer to (k) is yes, then whether exemption from taxation for all its income has been provided by such foreign country; Yes/No m) Quarter for which the intimation in Form No. 10BBB has been filed during the previous year. See note 8*** Verification It has been ensured that the information furnished is true and correct in all respects and no relevant information has been concealed or withheld. 2. Neither I, nor any of my partners, is a director, partner or an employee of the above-mentioned entities or its associated concerns. 3. I/ we* fully understand that any statement made in this certificate, if proved incorrect or false, will render me/us* liable for any penal or other consequences as may be prescribed in law or is otherwise warranted. Verified today the ___________ day of ______________ Place __________ (Signature and Stamp/ Seal of the Signatory) Accountant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Opening balance of such eligible investments received from specified person/ Alternative Investment Fund (In Rs) Such eligible investments received during the year from the specified person/ Alternative Investment Fund (In Rs) Such eligible investments returned during the year to the specified person/ Alternative Investment Fund (In Rs) Closing balance of such eligible investments received from the specified person/ Alternative Investment Fund (In Rs) (1) (2) (3) (4) (5) (6) (7) 1. 2. Total Part B (Details of all the investments made out of the eligible investments listed in Part A (to be filed separately for each specified person or Alternative Investment fund) I. Name of the specified person/ Alternative Investment fund II. Sl no in Part A Date of investment Nature of investment (Note C) $ Details of the entity in which Investment is made Opening balance of the investment (In Rs) Amount of investment made during the year (In Rs) Amount of investment sold/liquidate d during the year (In Rs) Date of investment or date of sale/liquidation, as the case may be Closing balance of the investment (In Rs) Nature of income (note D) Amount of income on investment during the year (In Rs) Out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urnishing such statement in my capacity as_____________________________ (designation) and that I am competent to make this declaration and furnish this statement. Place: Date: Yours faithfully, Signature . . Name Designation .... Notes (A) The total of the column no 10 in table in Part B should tally with the total of column no 7 in table in Part A except for the amount which has not been invested so far. (B) The total of the column no 10 in table in Part D should tally with the total of column no 7 in table in Part C except for the amount which has not been invested so far. (C) $ One of the following codes is to be selected: Nature of Investment Code Debt 1 Equity 2 Preference Shares 3 Others (Please specify) 4 (D) *One of the following codes is to be selected: Nature of Income Code Interest 1 Dividend 2 Capital Gains 3 Others 4 (E) **One of the following codes is to be selected: Nature of entity in which investment is made Code Business Trust referred to in item (a) of sub-clause (iii) of clause (23FE) of section 10 1 Company or enterprise or entity referred to in item (b) of sub-clause (iii) of clause (23FE) of section 10 of the Act 2 Alternative Investment Fund referred to in i ..... 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