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The Central Board of Direct Taxes amends the Income-tax Rules, 1962 by adding a new investment category under rule 17C. The new rule covers investments made by persons authorised under the Payment and Settlement Systems Act, 2007. The investments include equity share capital, bonds, or debentures in companies approved by the Reserve Bank of India. The company operates in retail payments or digital payments settlement in India and abroad. The National Payments Corporation of India holds at least fifty-one per cent of equity shares in that company. The rules come into force on the date of publication in the Official Gazette.
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MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 5th March, 2020 INCOME-TAX
G.S.R. 159(E). –In exercise of the powers conferred by clause (xii) of sub-section (5) of section 11 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: -
(2) They shall come into force on the date of their publication in the Official Gazette.
“(va) 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.”
[Notification No. 15/2020/ F.No. 370142/5/2020-TPL] NEHA SAHAY, Under Secy. (Tax Policy and Legislation Division)
भाग II - खण्ड 3 - उप-खण्ड (i) भारत का राजपत्र : असाधारण
Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969 (E) dated the 26th March, 1962 and were last amended vide notification number G.S.R. 124(E) dated the 17th February, 2020.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
