The Central Board of Direct Taxes (CBDT) on Wednesday prolonged by six years the timeline for tax exemption to sovereign wealth funds and pension funds for making eligible investments.
Earlier, such investments have been allowed as much as FY25 (AY26). With the most recent modification, these funds can now make investments as much as FY31.
In circumstances the place references have been made to FY26, they'll now be learn as FY32.
The transfer offers vital aid to sovereign wealth funds, pension funds and different specified entities investing in India, significantly in infrastructure and different precedence sectors below part 10(23FE) of the Revenue Tax Act.
The part permits tax exemption on earnings earned by sure notified entities, together with sovereign wealth funds, pension funds and different long-term buyers, supplied the earnings is from investments in India's infrastructure or different precedence areas.
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