CBDT issues appliction form for SWFs to claim exemption under section 10(23FF) of Income Tax Act

The Central Board of Direct Taxes on 22nd July, 2020 issued a Notification providing the application form for Sovereign Wealth Funds (SWFs) for claiming income exemption in terms of section 10 (23FF) of the Income Tax Act, 1961, as inserted by the Finance Act, 2020.

The application in Form I must be filed with the CBDT) during the financial year 2020-21 and subsequently to the Member, CBDT having supervision and control over the work of Foreign Tax and Tax Research Division along with inter-alia details; the name and address of the SWF, its country of residence and the tax identification number of the country of residence as well as the Permanent Account Number (PAN).

The SWFs must file income tax returns along with audit reports. They are also required to file electronic quarterly statements in Form II.

Click here to read the Notification.