CBDT Notifies “POWERGRID Infrastructure Investment Trust” As Prescribed Mode of Investment u/s 11(5)
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- Last Updated on 20 December, 2023
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Notification No. 103/2023, dated 18-12-2023
Section 11(5) prescribes the mode in which the income of a trust or institution claiming income-tax exemption under various provisions shall be invested or deposited. These modes include immovable property, Central Government or State Government Securities, Government Savings Certificates, etc.
Further, Rule 17C also lists various forms and modes of investment or deposits under section 11(5).
The Central Board of Direct Taxes (CBDT) has amended Rule 17C to include “POWERGRID Infrastructure Investment Trust” as a prescribed investment mode. Thus, w.e.f. 18-12-2023, any investment made in acquiring units of such trust is eligible for exemption under section 11(5).
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