CBDT amends Income Tax Rule 67 related to Investment of fund moneys by Recognised Provident Funds and allowed investment of Funds in Securities having Single Rate ‘A’ or above. Earlier Investment were allowed in Securities having sible Rate of ‘AA’ and above. Notification No. 84/2020-Income Tax Dated: 22nd October, 2020.
MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Direct Taxes)
Dated: 22nd October, 2020.
G.S.R. 664(E).—In exercise of the powers conferred by sub-section (1) of 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 (23rd Amendment) Rules, 2020.
(2) They shall come into force from the 1st day of April, 2021.
2. In the Income-tax Rules, 1962, in rule 67, in sub-rule (2), –
(i) in the fifth proviso, for the letters “AA”, the letter “A” shall be substituted;
(ii) in the eighth proviso, for the letters, “AA”, the letter “A” shall be substituted; and
(iii) in the eleventh proviso, for the letters, “AA” occurring at both the places, the letter “A” shall be substituted.
[Notification No. 84/2020/F. No. 370149/76/2019-TPL]
GUDRUN NEHAR, Director (TPL-II)
Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Subsection (ii) vide number S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification number G.S.R No.610 (E) dated 1st October, 2020.
Notification No.84 /2020, dated 22 October, 2020
Vide Notification No. 84/2020, dated 22 October, 2020, Rule 67 of the Income-tax Rules, 1962 has been amended. The said amendment shall be effective from Assessment Year 2021-22 and subsequent years.