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The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to revise rules for Infrastructure Debt Funds. The Infrastructure Debt Fund operates as a Non-Banking Financial Company under specific Reserve Bank of India directions. The fund invests only in Post Commencement Operation Date Infrastructure Projects that complete at least one year of satisfactory commercial operations. These projects include Public Private Partnership projects with a tripartite agreement and non-Public Private Partnership projects or Public Private Partnership projects without a project authority in sectors without a project authority. The rules come into force retrospectively from the 14th day of May, 2015.
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[TO BE PUBLISHED IN THE GAZETTE OF INDIA. EXTRAORDINARY, PART II, SECTION 3, SUB-
SECTION (ii)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVE\ UE
[CENTRAL BOARD OF DIRECT TAXES]
(INCOME-TAX)
Notification
Ne\ Delhi. the 20th October. 2015
5.0.
(E),.
In exercise or tile po\ers conferred by section 295. read \jrh clause (47) of section 10 of tile
Income-tax Act. 1961 (43 of 1961). the Central Board of Direct Taxes heTeb) makes the following rules further to
amend the Income-tax Rules, 1962. namely:-
I.
(I ) These rules may be called the lncome-tax ( 17th Amendment) Rules. 2015.
(2) They shall come into force from the 14th day of May. 2015.
2. In the Income-tax Rules. 1962. in rule 2F. for sub-rules ( I) and (2). the following sub-rules shall be
substituted. namely:-
'\1) The Infrastructure Debt Fund shall be set up as a Non-Banking Financial Company conforming to and
satisfying the conditions provided by the Reserve Bank of India in the Infrastructure· Debt Fund - Non-Banking
Financial Companies (Reserve Bank) Direc.tions, 201 1, vide notification No, DNBS.J33ICGM (US)-20 11. dated
the 21st No\ember. 2011 as amended 'ide 1l00ification No. DNBR.O:W. CGM (CDS) -10 \ 5. dated the 14m May.
2015,
(2) The funds of the Infrastructure Debt Fund shall be invested only in Post Commencement Operation Date
Infrastructure Projects which have completed at least one) ear of satisfactory commercial operations that are-
(;)
Pub';, Pc;",,, P,nnmhip Pwi'''' 'nd 'co a part) '0 ,c;pan;,e agc,eme'" ,,;,h ,h, <onemion.;",
and the project authority for ensuring compulsory bu) out and termination payment;
(ii) Non-Public Private Partnership Projects and Public Pri, ate Pannership Projects \·ithout a project
authority. in sectors where there is no project authority",
[Notification No. RH--__
'20 151 F. 10 .133143/201S-TPL]
-:k;J
(R. LAKSHMI NAR1\ YANAN)
Under Secrelat) (Tax Policy and Legislation)
Note.- The principal rules were published in the Gazette of India Extraordinary, part Ill, section 3. sub-section (i),
vide notification number S.O. 969(E), dated the 26th March, 1962 and \ere last amended "ide notification number
S.O.!1 g-'C>'(E). dated the 19th October. 2015.
