CBDT amended Income Tax Notification on Tax Exemptions u/s 10(23FE) of IT Act

The Central Board of Direct Taxes (CBDT) issued a notification amending its previous notification (No. 44/2020) issued on July 6, 2020, under Section 10(23FE) of the Income-tax Act of 1961.

Section 10(23FE) of the Income Tax Act exempts sovereign wealth funds and pension funds (specified funds) from income derived from dividends, interest, and long-term capital gains from infrastructure investments made in India after April 2020.

The amendment replaces the previous reference “F. No. 13/3/2017-INF dated 13th August 2018” with “F. No. 13/1/2017-INF dated 11th October 2022.” The changes are effective as of the day the notification is published in the official gazette.

The Relevant Text of the Notification:

In exercise of powers conferred by item (b) and sub-clause (iii) of clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) No. 44/2020/ F. No. 370142/24/2020-TPL number S.O. 2227(E), dated the 6th July, 2020, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii).

“In the said notification, in the opening paragraph, for the letters, figures, and words “F. No. 13/3/2017-INF dated 13th August 2018”, the letters, figures, and words “F. No. 13/1/2017-INF dated 11th October, 2022” shall be substituted.”

For Official Notification Download PDF Given Below: