Ministry of Finance
Notification No. 67/2020 [F. No. 370142/28/2020-TPL] / GSR 508(E) was published on 17 August 2020. Its subject is Ministry of Finance.
This amends the Income-tax Rules. What it changes is the Rules, not the Act — and a rule can never take away what the section gives.
The Income-tax (20th Amendment) Rules, 2020, made under sub-clause (iii) of clause (c) of the Explanation to clause (23FE) of section 10 read with section 295, insert new rules 2DB and 2DC after rule 2DA. Rule 2DB lays down the other conditions a pension fund must satisfy for section 10(23FE): it must be regulated under the law of a foreign country or of one of its political constituents; it must administer or invest assets for the statutory obligations and defined contributions of retirement, social security, employment, disability or death benefit funds or plans; its earnings and assets must be used only for those obligations, with no portion inuring to the benefit of any other private person; it must undertake no commercial activity within or outside India; it must intimate the details of each investment made in India during a quarter within one month from the end of the quarter in Form No. 10BBB; and it must file its return of income by the due date under section 139(1) with a certificate in Form No. 10BBC from an accountant as defined in the Explanation below section 288(2). Rule 2DC prescribes the application for notification, to be made in Form No. 10BBA, to Member (Legislation), CBDT during financial year 2020-21 and to the Member having supervision over the Foreign Tax and Tax Research Division in other financial years, and leaves the data structure, standards and procedure for Form No. 10BBB and Form No. 10BBC to the Principal Director General or Director General of Income-tax (Systems). New Forms No. 10BBA and following are inserted in Appendix-II after Form No. 10BB.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATIONNew Delhi, the 17th August, 2020
INCOME-TAX
G.S.R. 508(E).—In exercise of the powers conferred by sub-clause (iii) of clause (c) of Explanation to the clause (23FE) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. Short title and commencement.—(1) These rules may be called the Income-tax (20th Amendment) Rules, 2020.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962,-
(i) after rule 2DA, the following rules shall be inserted, namely: -
"2DB. Other conditions to be satisfied by the pension fund. - For the purposes of clause (23FE) of section 10, the pension fund shall be required to satisfy the following other conditions, namely: -
(i) it is regulated under the law of a foreign country including the laws made by any of its political constituents being a province, state or local body, by whatever name called, under which it is created or established, as the case may be;
(ii) it is responsible for administering or investing the assets for meeting the statutory obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disability, death benefits or any similar compensation to the participants or beneficiaries of such funds or plans, as the case may be;
(iii) the earnings and assets of the pension fund are used only for meeting statutory obligations and defined contributions for participants or beneficiaries of funds or plans referred to in clause (ii) and no portion of the earnings or assets of the pension fund inures any benefit to any other private person;
(iv) it does not undertake any commercial activity whether within or outside India;
(v) it shall intimate the details in respect of each investment made by it in India during the quarter within one month from the end of the quarter in Form No. 10BBB;
(vi) it shall file return of income on or before the due date specified under sub-section (1) of section 139 and furnish along with such return a certificate in Form No. 10BBC in respect of compliance to the provisions of clause (23FE) of section 10, during the financial year, from an accountant as defined in the Explanation below sub-section (2) of section 288.
2DC. Guidelines for notification under clause (23FE) of section 10.- (1) For the purposes of notification under sub-clause (iv) of clause (c) of Explanation to the clause (23FE) of section 10, the pension fund shall make an application in Form No. 10BBA enclosing therewith relevant documents and evidence, to the,-
(i) Member (Legislation), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, North Block, New Delhi during the financial year 2020-2021;
(ii) Member, Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, North Block, New Delhi having supervision and control over the work of Foreign Tax and Tax Research Division during the other financial years.
(2) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall lay down the data structure, standards and procedure of furnishing and verification of Form No 10BBB and Form No 10BBC, and shall be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to the said forms so furnished under this sub-rule.";
(ii) in Appendix-II, after Form No. 10BB, the following forms shall be inserted, namely: -
"Form No. 10BBA
[See sub-rule (1) of rule 2DC]
Application for notification under sub-clause (iv) of clause (c) of Explanation to the clause (23FE) of section 10 of the Income-tax Act, 1961
(Pension Fund)
To,
The Member (Legislation), CBDT (For application during Financial Year 2020-2021)**/
The Member (Having control over the Foreign Tax and Tax Research Division) (For application during other financial year)**
Madam/ Sir,
The applicant is a Pension Fund and interested in making investment in terms of clause (23FE) of section 10 of the Income-tax Act, 1961 and therefore, it is requested that necessary notification may kindly be issued, the details for which are as under:
(a) Name of the Pension Fund :
(b) Address of the Pension Fund :
(c) Tax Identification Number of the country of residence :
(d) Country of residence :
(e) Permanent Account Number (PAN) :
2.. It is hereby certified that-
(a) the Pension Fund is created or established under the law of _____________ (please mention the name of the foreign country including any of its political constituents like province/ state/ local body etc) and is regulated under that law;
(b) is not liable to tax in the foreign country mentioned at (a) above;
(c) the Pension Fund is responsible for administering or investing the assets for meeting the statutorily obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disability, death benefits or any similar compensation to the participants or beneficiaries of such funds or plans, as the case may be;
(d) the earnings and assets of the pension fund are used only for meeting statutory obligations and defined contributions for participants or beneficiaries of funds or plans referred to in (c) above and no portion of the earnings or assets of the pension fund inures any benefit to any other private person; and
(e) the pension fund does not undertake any commercial activity whether within or outside India.
3. In support of the claims made above, the following documents are attached:
(a) documents constituting the Pension Fund and any later amendment thereto, and
(b) any other relevant document or information.
Verification*
I, __________________________, son/ daughter/ wife** of Shri ______________________,
solemnly declare that to the best of my knowledge and belief, the information given in this application and the annexures and documents, if any, accompanying it are correct and complete and particulars shown therein are truly stated.
2. I further declare that to the best of my knowledge; I have not concealed any fact or information which could be relevant for this application.
3. I also declare that I am making this application in my capacity as __________ (designation) and that I am holding PAN/ Aadhaar** _____ and I am competent to make this application and verify it.
Verified today the ___________ day of ______________
Place __________
(Signature) ________________
Name ________________
Notes: 1. **Delete whichever is not applicable.
2. *To be signed by the person competent to verify the return of income under section 140 of the Income-tax Act, 1961.
Form No 10BBB*
[See rule 2DB]
Intimation by Pension Fund of investment under clause (23FE) of section 10 of the Income-tax Act, 1961
(within one month from the end of the quarter ending on 30th June, 30th September, 31st December and 31st March of the financial year)
To,
The Assessing Officer
__________________
__________________
Madam/ Sir,
Kindly find statement containing details of investment for the quarter ending ________ of the Financial Year _________ in respect of ___________________________ (Name of the Pension Fund) having PAN __________ and notified under clause (23FE) of section 10 of the Income-tax Act, 1961 vide notification no_____________, dated _____________ (DDMMYYYY) as under:
| Sl. No. | Date | Amount | Nature [Debt/ Share Capital (Equity/ Preference)/ Unit] | Rate of Dividend, if any, (Preference Share/ Unit)/ Interest (Debt) | Details of the entity in which Investment made - Business Trust/ Company or enterprise or entity/ Alternative Investment Fund - Name | PAN |
|---------|------|--------|----------|----------|----------|---------|
| | | | | | | |Verification*
I, __________________________, son/ daughter/ wife** of Shri ______________________,
solemnly declare that to the best of my knowledge and belief, the information given above is correct and complete and particulars shown therein are truly stated.
2. I further declare that to the best of my knowledge; I have not concealed any relevant fact or information.
3. I also declare that I am making this application in my capacity as __________ (designation) and that I am holding PAN/ Aadhaar** _____ and I am competent to make this application and verify it.
Verified today the ___________ day of ______________
Place __________
(Signature) ________________
Name ________________
Notes: 1. **Delete whichever is not applicable.
2. *To be signed by the person competent to verify the return of income under section 140 of the Income-tax Act, 1961.
Form No 10BBC
[See rule 2DB]
Certificate of accountant in respect of compliance to the provisions of clause (23FE) of section 10 of the Income-tax Act, 1961 by the notified Pension Fund
I/ We* hereby confirm that I/ we* have examined the relevant accounts, documents and records of _____________________________________(name of the Pension Fund) having PAN _______________________ and which has been notified under clause (23FE) of section 10 vide notification no___________dated________(DDMMYYYY), for the period from _________(DDMMYYYY) to ____________(DDMMYYYY) and after examination, it is hereby certified that:
(i) the opening balance (i.e. the closing balance as on the last date of the preceding financial year) of the investment made which is eligible for exemption under clause (23FE) of section 10 is ______________(in rupees) and details of the investment by the Pension Fund during the period are as under:
| Sl. No. | Date | Amount | Nature [Debt/ Share Capital (Equity/ Preference)/ Unit] | Rate of Dividend, if any, (Preference Share/ Unit)/ Interest (Debt) | Details of the entity in which Investment made - Business Trust/ Company or enterprise or entity/ Alternative Investment Fund - Name | PAN |
|---------|------|--------|----------|----------|----------|---------|
| | | | | | | |(ii) *the pension fund has not sold any of the investments made for the purposes of exemption under clause (23FE) of section 10 of the Income-tax Act, 1961 before the expiry of three years from the date on which the investment was made in respect of the said exemption/the pension fund has sold certain investments made for the purposes of exemption under clause (23FE) of section 10 of the Income-tax Act, 1961 before the expiry of three years from the date on which the investment was made in respect of the said exemption, the details of which are as under:
| Sl. No. | Date of investment | Amount | Nature [Debt/ Share Capital (Equity/ Preference)/ Unit] | Rate of Dividend, if any, (Preference Share/ Unit)/ Interest (Debt) | Details of the entity in which Investment made - Business Trust/ Company or enterprise or entity/ Alternative Investment Fund - Name | PAN | Date of sale |
|---------|------|--------|----------|----------|----------|---------|---------|
| | | | | | | | |(iii) the Pension Fund satisfies all the conditions required for the purposes of exemption under clause (23FE) of section 10 of the Income-tax Act, 1961, that is, -
(a) it is created or established under the law of _____________ (please mention the name of the foreign country including any of its political constituents like province/ state/ local body etc) and is regulated under that law;
(b) it is not liable to tax in such foreign country;
(c) it is responsible for administering or investing the assets for meeting the statutorily obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disability, death benefits or any similar compensation to the participants or beneficiaries of such funds or plans, as the case may be;
(d) its earnings and assets are used only for meeting statutory obligations and defined contributions for participants or beneficiaries of funds or plans referred to in at clause (ii) and no portion of the earnings or assets of the pension fund inures any benefit to any other private person;
(e) it does not undertake any commercial activity whether within or outside India; and
(f) it has complied with the requirement of intimation of the details of investment made by it in India in Form No 10BBB.
Verification†
It has been ensured that the information furnished is true and correct in all respects and no relevant information has been concealed or withheld.
2. Neither I, nor any of my partners, is a director, partner or an employee of the above-mentioned entities or its associated concerns.
3. I/ we* fully understand that any statement made in this certificate, if proved incorrect or false, will render me/us* liable for any penal or other consequences as may be prescribed in law or is otherwise warranted.
Verified today the ___________ day of ______________
Place __________
(Signature and Stamp/ Seal of the Signatory)
†Accountant____________________
Name of the Signatory___________________
Membership No.__________________
Full Address __________________
Notes: 1. *Delete whichever is not applicable.
2. †This certificate is to be given by an accountant as defined in the Explanation below sub-section (2) of section 288 of the Income-tax Act, 1961.".
[Notification No. 67/2020/ F. No. 370142/28/2020-TPL]
NEHA SAHAY, Under Secy. (Tax Policy and Legislation Division)
Note : The principal rules were published in the Gazette of India Extraordinary, Part III, Section 3, Sub-section (ii), vide notification number S.O. 969(E), dated the 26th March, 1962 and last amended vide notification number G.S.R. No. 499(E) dated the 10th August, 2020.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
| Rule of the 1962 Rules | Now, in the 2026 Rules |
|---|---|
| Rule 2DA | no counterpart recorded |
| Rule 2DB | rule 282 |
| Rule 2DC | no counterpart recorded |
Forms it touches. Form No. 10BB, Form No. 10BBA, Form No. 10BBB, Form No. 10BBC
The date of publication in the Official Gazette.
In an application for notification as a pension fund, in the quarterly Form No. 10BBB filings, and in the return of income filed with the Form No. 10BBC certificate.
Forms it names. Form No. 10BB, Form No. 10BBA, Form No. 10BBB, Form No. 10BBC
Rules it names. Rule 2DA, 2DB, 2DC of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.
← Notification No. 70/2020 [F. No. 187/3/2020 (ITA.-I)] / SO 2904(E) · Notification No. 60/2020 [F.No. 370149/154/2019-TPL] / SO 2745(E) →
Source: the Income Tax Department’s own published text — its page for this instrument.
