Payment system providers entitled to Sec. 11 exemption can invest in ‘Open Network for Digital Commerce Ltd.’
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- By Chetan Kulasri
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- Last Updated on 25 April, 2022
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Notification No. 42/2022, dated 22-04-2022
The CBDT has inserted a new clause (vb) under Rule 17C of the Income-tax Rules, 1962. Rule 17C deals with the permissible mode of investment or deposits for exemption under section 11 of the Income-tax Act, 1961.
As per the new clause, the investment made by payment service providers as 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’, is recognized as a permissible mode of investment for exemption under section 11.
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