CBDT amends Rule 17C, notifies Power Grid Infrastructure Investment Trust as a prescribed mode of Investment u/s 11(5) of Income Tax Act [Read Notification]

The Central Board of Direct Taxes (CBDT) amended Rule 17C and notified that Power Grid Infrastructure Investment Trust as a prescribed mode of Investment under Section 11(5) of the Income Tax Act, 1961.

The notification reads that 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 Amendment (Twenty-Eighth Amendment) Rules, 2023.

(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 (ix), the following clause shall be inserted, namely:- “(x) investment by way of acquiring units of POWERGRID Infrastructure Investment Trust.”.

To Read the full text of the Order CLICK HERE

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