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April 2009

The Income-tax (Fifth Amendment) Rules, 2009 — Notification No. 24/2009, dated 12-3-2009.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
Chartered Accountants
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3 The Income-tax (Fifth Amendment) Rules, 2009 —
Notification No. 24/2009, dated 12-3-2009.


Rule 67 regulates the manner of investment of Recognised
Provident Funds. This rule has been amended and now these funds can invest
up to 55% in Government securities and units of mutual funds which invest in
Government securities, 40% in prescribed debt securities and time deposit
receipts, 5% in money market instruments and 15% in derivatives of companies
available on BSE/NSE and equity-linked schemes of regulated mutual funds.
There are certain restrictions and conditions prescribed for each individual
limit aforementioned.

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