Compfie | Final notification of the Income-tax (11th Amendment) Rules, 2021

View Pdf

Final notification of the Income-tax (11th Amendment) Rules, 2021 – CBDT

This notification has come into effect from 26.04.2021.
In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 2DB,-
(i) after clause (ii), the following proviso shall be inserted, namely:− “Provided that the condition in clause (ii) shall be deemed to have been satisfied with respect to assets being administered or invested, if the following conditions are satisfied; namely:- (a) value of such assets is not more than ten per cent. of the total value of the assets administered or invested by such fund; (b) such assets are wholly owned directly or indirectly by the Government of a foreign country; and (c) such assets vests in the Government of such foreign country upon dissolution.”; (ii) after the proviso to clause (iii), the following proviso shall be inserted, namely:- “Provided further that the provisions of clause (iii) shall not apply to earning from the assets referred to in the proviso of clause (ii), if the said earning are credited either to the account of the Government of that foreign country or to any other account designated by such Government so that no portion of the earnings inures any benefit to any private person;”
In the principal rules, in the APPENDIX II, for Form No. 10BBA the following Form shall be substituted.