excerpt from seventh schedule of Direct Tax Code bill Persons, entity or funds NOT liable to income-tax 32. Any fund set up, on or after, the 1st day of August, 1996, by an insurer under a pension scheme,— (a) to which contribution is made by any person for the purpose of receiving pension from such fund; and (b) which is approved by the Controller of Insurance or the Insurance Regulatory and Development Authority.
Can anyone elaborate on this, does the pension (actually annuity by another name) can be purchased by an NRI and would it be exempt? if so, how should one go about it?
