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The CBDT has issued the Income-tax (20th Amendment) Rules, 2020 to further amend the Income-tax Rules, 1962 which shall come into force from the date of their publication in the Official Gazette i.e 17-08-2020. Amendment of Income-tax Rules, 1962 rules are carried out for providing conditions and guidelines for Pension Funds u/s 10(23FE) of the Income-tax Act, 1961. The Amendment is brought under rule 2DB which specifies the certain conditions to be satisfied by the pension fund. The pension fund shall be 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. 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. The pension fund shall not undertake any commercial activity whether within or outside India and 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. Further, it shall file a return of income on or before the due date 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

https://www.incometaxindia.gov.in/news/notification_67_2020.pdf

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