Notification No. 15/2020 [F.No. 370142/5/2020-TPL] / GSR 159(E)

Last updated: 08 March 2020

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This notification introduces amendments to the Income Tax Rules, 1962, specifically rule 17C. It allows for investments in the equity share capital or bonds/debentures of companies involved in retail or digital payment systems. These companies must be approved by the Reserve Bank of India and have at least 51% equity held by the National Payments Corporation of India.

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

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FAQ :

The notification amends the Income Tax Rules, 1962, to allow for certain investments in companies engaged in digital payment systems.

Rule 17C of the Income-tax Rules, 1962, is being amended.

Investments in the equity share capital or bonds or debentures of eligible companies are covered.

The company must be authorised under section 4 of the Payment and Settlement Systems Act, 2007, engaged in retail or digital payment systems, approved by the Reserve Bank of India, and have at least 51% equity held by the National Payments Corporation of India.

These rules come into force on the date of their publication in the Official Gazette.