CBDT amends manner of Investment in Provident Fund under Rule 67 Income Tax (23rd Amendment) Rules, 2020
October, 27th 2020
The Central Board of Direct Taxes (CBDT) notified the Income-tax (23rd Amendment) Rules, 2020 to further amend the Income-tax Rules, 1962.
The amendment will come into effect from 1 April, 2021.
In the Income-tax Rules, 1962, in rule 67, in sub-rule (2) in the fifth proviso, for the letters “AA”, the letter “A” shall be substituted.
Further in the eighth proviso, for the letters, “AA”, the letter “A” shall be substituted.
In the Income-tax Rules, 1962, in rule 67, in sub-rule (2) in the eleventh proviso, for the letters, “AA” occurring at both the places, the letter “A” shall be substituted.
Rule 67(2) pertains to the manner of investment of all moneys contributed to a provident fund (whether by the employer or by the employees) after the 31st day of October, 1974, or transferred after that date from the individual account of an employee in any recognized provident fund maintained by his former employer or accruing after that date by way of interest or otherwise to the fund may be deposited in a Post Office Savings Bank Account in India and to the extent such moneys as are not so deposited.