CBDT relaxes conditions to be satisfied by pension fund to become eligible for exemption u/s 10(23FE)

Rule 2DB prescribes conditions to be satisfied by pension fund in order to become ‘specified fund’ eligible for sec. 10(23FE) exemption. As per sub-rule (iii), pension fund is not allowed to use earnings and assets for purpose other than meeting statutory obligations amp; defined contributions. Now, a new proviso has been inserted to provide that above condition shall not apply to any payment made for loan/borrowing taken for purpose other than for making investment in IndiaRule 2DB prescribes conditions to be satisfied by pension fund in order to become ‘specified fund’ eligible for sec. 10(23FE) exemption. As per sub-rule (iii), pension fund is not allowed to use earnings and assets for purpose other than meeting statutory obligations amp; defined contributions. Now, a new proviso has been inserted to provide that above condition shall not apply to any payment made for loan/borrowing taken for purpose other than for making investment in Indiataxmann.com Latest Statutory HappeningsRead More

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