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April 26, 2022

CBDT amends Income Tax Rule 17C

by CA Shivam Jaiswal in Income Tax

CBDT amends Income Tax Rule 17C

CBDT vide Notification No. 42/2022 dated 22.04.2022 in G.S.R. 309(E) through Income-tax (10th Amendment) Rules, 2022 notifies investment in the equity share capital or bonds or debentures of Open Network for Digital Commerce Ltd. as any other form or mode of investment or deposit under section 11(5)(xii) of the Income-tax Act, 1961 by amending Rule 17C of the Income-tax Rules, 1962.

Read Notification Below

MINISTRY OF FINANCE 

(Department of Revenue) 

[CENTRAL BOARD OF DIRECT TAXES] 

NOTIFICATION 

New Delhi, the 22nd April, 2022 

INCOME-TAX

G.S.R. 309(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 Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. Short title and commencement.—(1) These rules may be called the Income-tax (10th Amendment) Rules, 2022.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in rule 17C, after clause (va), the following clause shall be inserted, namely:-

“(vb) investment made by a person, authorised under section 4 of the Payment and Settlement Systems Act, 2007 (51 of 2007), in the equity share capital or bonds or debentures of Open Network for Digital Commerce Ltd, being a company incorporated under sub-section (2) of section 7 read with sub-section (1) of section 8 of the Companies Act, 2013 (18 of 2013), for participating in network based open protocol models which enable digital commerce and interoperable digital payments in India;”.

[Notification No. 42/2022/ F. No. 370142/10/2022-TPL] 

NEHA SAHAY, Under Secy.

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 last amended vide notification number G.S.R.307 (E) dated 21st April, 2022.

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