GSR 275(E).—In exercise of the powers conferred by clause (48) of section 2 and clause (47) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the Income-tax Rules, 1962 To further amend the following rules, namely:-

1. Short title and commencement. , (1) These rules may be called income-tax (8.)^th Amendment) Rules, 2022.

(2) They shall come into force from the date of their publication in the Official Gazette.

• In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 2F, for sub-rules (3) and (4), the following sub-rules shall be substituted, namely:-

“(3) Will issue Infrastructure Debt Fund, –

• Rupee denominated bonds or foreign currency bonds in accordance with the directions of the Reserve Bank of India and the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 as amended from time to time; or
  • Zero Coupon Bonds as per Rule 8B.
• Terms and Conditions of Bonds Issued by Infrastructure Debt Fund,
  • shall be in accordance with the directions of the Reserve Bank of India under clause (i) of sub-rule (3) and the rules referred to in the said clause; or
  • shall be in accordance with rule 8B under clause (ii) of sub-rule (3).”
• In the principal rules, in rule 8B,
• in sub-rule (1),—
  • for the words “infrastructure capital fund”, the words “infrastructure capital fund or infrastructure debt fund” shall be substituted;
  • For the proviso, the following proviso shall be substituted, namely:—

“Provided that no application shall be made for notification of a bond which is to be issued after a period of two financial years following the financial year in which such application is made:

Provided also that the application made in Form No. 5B shall be disposed of within a period of six months from the date of receipt of such application.”,

• In sub-rule (2), for clause (i), the following clause shall be substituted, namely:—

“(i) where the application is made by an infrastructure capital company or infrastructure debt fund or public sector company, being a Government company as defined under clause (45) of section 2 of the Companies Act, 2013 (18 of 2013) , a copy of the certificate of incorporation under the Companies Act, 2013 (18 of 2013).”;

• in sub-rule (3),—
  • for the words “infrastructure capital fund”, wherever they occur, the words “infrastructure capital fund or infrastructure debt fund” shall be substituted;
  • after clause (v), the following clause shall be inserted, namely:—

“(vi) where the application is made by an infrastructure debt fund, such fund shall submit an undertaking along with the application that a sinking fund shall be maintained for the interest which will accrue on all zero coupon bonds subscribed and such interest shall shall be invested in a Government security as defined under clause (f) of section 2 of the Government Securities Act, 2006 (38 of 2006).”;

• In sub-rule (5), for the words “infrastructure capital fund”, the words “infrastructure capital fund or infrastructure debt fund” shall be substituted;
• For sub-rule (6) the following sub-rule shall be substituted, namely:—

“(6) Every infrastructure capital company or infrastructure capital fund or infrastructure debt fund or public sector company shall, within two months from the end of each financial year referred to in sub-section (I) or subdivision (Second) of clause (IV) in sub-rule (3), or, as the case may be, in sub-section (I) or subdivision (Second) of clause (V) In accordance with sub-rule (3), a certificate from an accountant as defined in Explanation in sub-section (2) of section 288, specifying in Form No. 5BA the amount invested in each year.”;

• Explanation to sub-rule (7) set out below shall be omitted;
• after sub-rule (7) the following shall be inserted, namely:-

“(8) The application in Form No. 5B referred to in sub-rule (1) and the Accountant’s certificate in Form 5BA referred to in sub-rule (6) shall be submitted electronically either under digital signature or electronic verification code.

(9) The Principal Director General of Income Tax (Systems) or Director General of Income Tax (Systems) shall specify and also be responsible for developing procedures, formats and standards to ensure secure capture and transmission of data and Form No. 5B and Form No. 5BA Implementing appropriate security, archival and retrieval policies in relation to the submission of

Explanation.—For the purposes of this rule, the expression,—

• “exemption” and “period of life of the bond” shall have the same meanings respectively assigned to them in clauses (i) and (ii) of the Explanation to clause (iiia) of sub-section (1) of section 36;
• “Electronic Verification Code” means the code generated for the purpose of electronic verification of the person who furnishes the return of income in accordance with the data structure and standards, as specified by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems);
• “Infrastructure Debt Fund” shall mean the Infrastructure Debt Fund notified in the Official Gazette by the Central Government under clause (47) of section 10 of the Act.”.
• In the principal rules, in Appendix II, for Form No. 5B, the following Forms shall be substituted, namely:-

103120000000007789

(Write “NOT APPLICABLE” against the column or columns that are not relevant to the applicant.)

announcement

1. I certify that the information given above is true to the best of my knowledge and belief.
2. I, being an infrastructure, undertake on behalf of ……………

Capital Company/Infrastructure Capital Fund/Infrastructure Debt Fund-/Public Sector Company (Select the relevant option) that the money received on issue of such bond will be invested as per clause

• or clause (V) of sub-rule (3) of rule 8B of the Income-tax Rules, 1962.

3. I further undertake that ………….. (name of the Infrastructure Debt Fund) shall maintain a sinking fund for the interest that will accrue on all the Zero Coupon Bonds subscribed and the interest shall be credited to the liquid instruments investment will be made. , [Only to be filled in case applicant is infrastructure debt fund, strike off if not applicable],

location:

date:

Yours faithfully, Signature authorized signatory ,

name…………………………………

Post…………………………

sign

Form-No-5BA

note:

1. For column (xiii) in row 17, financial year 1 shall be the financial year immediately following the financial year in which the bond is issued as provided in row 15. From column (xiv) for the financial years 2 to 6

(xviii) The above row will be automatically calculated from FY 1.

• The application will be submitted along with the documents mentioned below:
• Attach copy of notification of Infrastructure Debt Fund under section 10(47) of Income Tax Act, 1961 as per line no.3.
• Enclose the certificate of registration/incorporation as per line no.7.
• Attach a copy of the organizational structure of the project in which the investment is proposed to be made.
• Copy of project report, if any.
• power of attorney of the authorized signatory”;

2. I/We certify that ………………..(name of Infrastructure Debt Fund) has maintained a sinking fund for all interest earned on money received on issue of Zero Coupon Bonds, which is held in liquid investment has been made. devices [Only to be filled in case applicant is infrastructure debt fund, strike off if not applicable],

sign : ……………….………..…….…….…….….

name: ………………………..…….…….…….…….…

Name of the Company/Fund: …………………….

Address: …………….…………..………………………

Registration No.: ………….……………..…….…….….

pay attention :

To be signed and attested by the accountant (other than an employee) as defined in the Explanation below sub-section (2) of section 288 of the Act.

[Notification No. 28/2022/F. No. 370142/4/2022-TPL]

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