MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 16th November, 2022
(INCOME-TAX)

S.O. 5345(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of Explanation 1
to clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act),
the Central Government hereby specifies the sovereign wealth fund, namely, Public Investment Fund
(PAN: AAAJP1787D), (hereinafter referred to as “the assessee”) as the specified person for the purposes of
the said clause in respect of the investment made by it in India on or after the date of publication of this
notification in the Official Gazette but on or before the 31st day of March, 2024 (hereinafter referred to as
“the said investments”) subject to the fulfilment of the following conditions, namely:-

(i) the assessee shall file return of income, for all the relevant previous years falling within the period
beginning from the date on which the said investment has been made and ending on the date on
which such investment is liquidated, on or before the due date specified for furnishing the return of
income under sub-section (1) of section 139 of the Act;

(ii) the assessee shall get its books of account audited for the previous years referred to in clause (i) by
an accountant specified in the Explanation below sub-section (2) of section 288 of the Act and
furnish the Audit Report in the format annexed as Annexure to this notification at least one month
prior to the due date specified for furnishing the return of income under sub-section (1) of section
139 of the Act;

(iii) the assessee shall furnish a quarterly statement within one month from the end of each quarter
electronically in Form II as annexed to Circular No. 15 of 2020 dated the 22nd July, 2020 with F.
No. 370142/26/2020-TPL issued by the Ministry of Finance, Department of Revenue, Central
Board of Direct Taxes (Tax Policy and Legislation Division), in respect of each investment made
by it during the said quarter;

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