This notification, titled "Income-tax 7th Amendment Rules, 2020," issued by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, amends the Income-tax Rules, 1962. The amendment, effective from the date of publication in the Official Gazette (March 5, 2020), inserts clause (va) after clause (v) in rule 17C. This new clause pertains to investments made by entities authorized under Section 4 of the Payment and Settlement Systems Act, 2007, in the equity share capital, bonds, or debentures of companies engaged in retail payment systems, digital payment settlement, or similar activities both in India and abroad. These companies must be approved by the Reserve Bank of India for this purpose and have at least 51% of their equity shares held by the National Payments Corporation of India. The notification number is 15/2020, F.No. 370142/5/2020-TPL, and it is signed by Neha Sahay, Under Secretary, Tax Policy and Legislation Division-II. The principal rules were initially published under S.O. 969(E) on March 26, 1962, and last amended by G.S.R. 124(E) dated February 17, 2020.
Key Entities Referenced
Central Board of Direct Taxes: A government agency under the Department of Revenue, Ministry of Finance, responsible for direct tax administration in India.
Incometax Act, 1961: A law enacted in 1961 governing the taxation of income in India.
Incometax Rules, 1962: A set of rules formulated under the Incometax Act, 1961, to provide detailed procedures for the implementation of the Act.
Reserve Bank of India: The central bank of India, responsible for regulating the banking system and monetary policy.
Payment and Settlement Systems Act, 2007: An act to provide for the regulation and supervision of payment systems in India.
National Payments Corporation of India: An organization that operates retail payments systems in India.
Neha Sahay: Under Secretary, Tax Policy and Legislation Division II, Ministry of Finance.
New Delhi: The location of the Ministry of Finance and where the notification was issued, New Delhi, Delhi
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 136] नई दिल्ली, बृहस्ट्प जतिार, माच ड5, 2020/फाल्ग नु 15, 1941
No. 136] NEW DELHI, THURSDAY, MARCH 5, 2020/PHALGUNA 15, 1941
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
[केन्द्रीय प्रत्यक्ष कर बोडड]
अजधसचू ना
नई दिल्ल ी, 5 माच,ड 2020
आय-कर
सा.का.जन. 159 (अ).— केन्द्रीय प्रत्यक्ष कर बोड,ड आय-कर अजधजनयम, 1961 (1961 का 43) की
धारा 295 के साथ पठित धारा 11 की उपधारा (5) के खंड (xii) द्वारा प्रित्त िजियों का प्रयोग करते हुए
आय-कर जनयम, 1962 का और संिोधन करन े के जलए जनम्नजलजखत जनयम बनाता ह,ै अथाडत् :-
1. सजं क्षप्त नाम और प्रारंभ.— (1) इन जनयमों का संजक्षप्त नाम आय-कर (सातिााँ संिोधन) जनयम, 2020 ह ै।
(2) ये रािपत्र में उनके प्रकािन की तारीख को प्रिृत्त होंगे ।
2. आय-कर जनयम, 1962 के जनयम 17ग में, खंड (v) के पश्चात् जनम्नजलजखत खंड अंतःस्ट्थाजपत दकया
िाएगा, अथाडत् :-
“(vक) दकसी ऐसी कंपनी की -
1284 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(अ) िो भारत और जिििे ों में खुिरा संिाय प्रणाली या जडजिटल संिाय जनपटान या ऐसे समान
दियाकलापों के ऐसे प्रचालन में लगी हुई ह ै और िो इस प्रयोिन के जलए भारतीय ठरिि ड
बैंक द्वारा अनुमोदित ह ै ; और
(आ) जिसके साधारण िेयरों का कम स े कम इक्यािन प्रजतित भारत के राष्ट्रीय संिाय जनगम
द्वारा धाठरत ह ैं ।
साधारण अंि पूंिी या बंधपत्रों या जडबेंचरों में, संिाय और जनपटान प्रणाली अजधजनयम, 2007 की धारा
4 के अधीन प्राजधकृत दकसी व्यजि द्वारा दकया गया जिजनधान ।”
[अजधसूचना सं.15/2020/ फा.सं.370142/5/2020-टीपीएल]
नेहा सहाय, अिर सजचि (कर नीजत और जिधायन प्रभाग)
ठटप्पण: मूल जनयम भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (ii) में संखयांक
का.आ.969(अ), तारीख 26 माचड, 1962 द्वारा प्रकाजित दकए गए थे और अजधसचू ना संखयाकं
सा.का.जन 124(अ) तारीख 17 फरिरी, 2020 द्वारा उनका अंजतम संिोधन दकया गया था ।
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: -
1. Short title and commencement. — (1) These rules may be called the Income-tax (7th
Amendment) Rules, 2020.
(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 (v), the following clause shall
be inserted, namely: -
“(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 Divisionभाग II खण् ड (i) भारत का रािपत्र : असाधारण 3
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.
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