On April 22, 2022, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (10th Amendment) Rules, 2022 to amend the Income-tax Rules, 1962.
Key amendment:
- Rule 17C which specify “Forms or modes of investment or deposits by a charitable or religious trust or institution” the following clause (vb) has been inserted:
“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 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, for participating in network based open protocol models which enable digital commerce and interoperable digital payments in India.”