CBDT publishes the Income-tax (7th Amendment) Rules, 2020

Mar 17, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Central Board of Direct Taxes (CBDT) on March 05, 2020 has published the Income-tax (7th Amendment) Rules, 2020 to further amend the Income-tax Rules, 1962.

Under Rule 17C which specifies the forms or mode of investment or deposits by a charitable or religious trust or institution, clause (va) has been inserted, namely:

investment made by a person, authorised under section 4 of the Payment and Settlement Systems Act, 2007, in the equity share capital or bonds or debentures of a company:

(A)which is engaged in operations of retail payments system or digital payments settlement or similar activities in India and abroad and is approved by the Reserve Bank of India for this purpose; and

(B)in which at least fifty-one per cent of equity shares are held by National Payments Corporation of India.

The amendment is made to include investment made by National Payments Corporation of India in its subsidiary companies.

[Notification Ref : PUB/3/5/2019-20]


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