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

The Central Board of Direct Taxes vide notification dated 5th March, 2020 has issued The Income-tax (7th Amendment) Rules, 2020. The amendment has added a new form of investment to the list under Rule 17C which provide the Forms or modes of investment or deposits by a charitable or religious trust or institution which is granted tax exemption.

The new clause va provides for “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.”

Click here to read the amendment.