8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
INCOME-TAX
New Delhi, the 6th April, 2022
G.S.R. 275(E).—In exercise of the powers conferred by clause (48) of section 2 and clause (47) o section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct
Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
- (1) These rules may be called the Income-tax (8th 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 (hereafter referred to as the principal rules), in rule 2F, for sub-rule (3)
and (4), the following sub-rules shall be substituted, namely:─
“(3) The Infrastructure Debt Fund shall issue,-
(i) rupee denominated bonds or foreign currency bonds in accordance with the directions of Reserve
Bank of India and the relevant regulations under the Foreign Exchange Management (Transfer or Issue
of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time; or
(ii) zero coupon bonds in accordance with rule 8B.
(4) The terms and conditions of a bond issued by the Infrastructure Debt Fund, ─
(i) under clause (i) of sub-rule (3) shall be in accordance with the directions of the Reserve Bank of
India and the regulations referred to in the said clause ; or
(ii) under clause (ii) of sub-rule (3) shall be in accordance with rule 8B.”. - In the principal rules, in rule 8B, ─
(a) in sub-rule (1),-
(i) for the words “infrastructure capital fund”, the words “infrastructure capital fund or
infrastructure debt fund” shall be substituted;
(ii) for the proviso, the following provisos shall be substituted, namely:-
“Provided that an application shall not be made for notification of a bond which is to be
issued beyond a period of two financial years following the financial year in which such
application is made:
Provided further that an application made in Form No. 5B shall be disposed of within a
period of six months from the date of receipt of such application.”;
(b) in sub-rule (2), for clause (i), the following clause shall be substituted, namely:-
“(i) where the application is made by any infrastructure capital company or infrastructure
debt fund or a public sector company, being a Government company defined under clause
(45) of section 2 of the Companies Act, 2013 (18 of 2013), a copy of certificate of
incorporation under the Companies Act, 2013 (18 of 2013).”;
(c) in sub-rule (3),-
(i) for the words “infrastructure capital fund” wherever they occur, the words
“infrastructure capital fund or infrastructure debt fund” shall be substituted;
(ii) after clause (v), the following clause shall be inserted, namely:-
“(vi) where the application is made by an infrastructure debt fund, such fund shall along
with the application, submit an undertaking that a sinking fund shall be maintained for the
interest which will accrue on all the zero coupon bonds subscribed and such interest shall
be invested in Government security as defined under clause (f) of section 2 of the
Government Securities Act, 2006 (38 of 2006).”;
[भाग II—खण् ड 3(i)] भारत का राजप् : असाधारण 9
(d) in sub-rule (5) for the words “infrastructure capital fund”, the words “infrastructure capital
fund or infrastructure debt fund” shall be substituted;
(e) 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 submit within two months from the end of each
financial year referred to in sub-clause (i) or sub-clause (ii) of clause (iv) of sub-rule (3), or,
as the case may be, in sub-clause (i) or sub-clause (ii) of clause (v) of sub-rule (3), a
certificate from an accountant as defined in the Explanation to sub-section (2) of section
288, specifying the amount invested in each year in Form No. 5BA.”;
(f) Explanation below sub-rule (7) shall be omitted;
(g) 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 certificate of
accountant in Form 5BA referred to in sub-rule (6) shall be furnished 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 the procedures, formats and standards for ensuring
secure capture and transmission of data and shall also be responsible for evolving and
implementing appropriate security, archival and retrieval policies in relation to furnishing
of Form No. 5B and Form No. 5BA.
Explanation.- For the purposes of this rule, the expressions,-
(i) “discount” and “period of life of the bond” shall have the same meanings respectively
assigned to them in clause (i) and clause (ii) of the Explanation to clause (iiia) of subsection (1) of section 36;
(ii) “electronic verification code” means a code generated for the purpose of electronic
verification of the person furnishing the return of income as per the data structure and
standards specified by Principal Director General of Income-tax (Systems) or Director
General of Income-tax (Systems);
(iii) “infrastructure debt fund” shall mean the infrastructure debt fund notified by the
Central Government in the Official Gazette 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:─
“FORM NO. 5B
[See sub-rule (1) rule 8B]
Application for notification of a zero coupon bond under clause (48) of section 2 of theIncome-tax Act,
1961 - Name of the applicant
- Category (Please tick one): Infrastructure capital company/ Infrastructure capital fund/
Infrastructure debt fund /Public sector company - Address
- Permanent Account Number of the
applicant - Jurisdictional Assessing Officer
- Date of incorporation/registration (Please
enclose copy of certificate of incorporation/
registration)
Dd/mm/yyyy
10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] - In case of an Infrastructure debt fund in row
2,-
(a) date of approval under section 10(47) of
the Act d d m m y y y y
(b) Notification Number of the approved
Infrastructure debt fund under section
10(47) of the Act - Objects of the applicant (Please attach copy
of Memorandum/Trust deed, etc.)
(a) main objects
(b) ancillary objects - In case of public sector company in column
2 please specify nature of business - The total number of bonds proposed to be
issued - Amount for which the bond is proposed to
be issued - Amount payable on maturity/redemption of
the bond - Discount [(12) – (11)]
- Period of life of the bond
Years Months Days - Financial year during which the bond is to
be issued
y y y y
y y y y - The objects of issue of the bonds
- Details of investment proposed to be made:
S.
N
o
Name of
entity in
which
Investme
nt is
proposed
to be
made
Nature of
entity in
which
Investment
is proposed
to be made
1.Public
Sector
Company
2.Other
company - Any
other
enterprise
or
undertakin
g or entity
PAN/Aadh
aar of the
entity in
which
investment
is proposed
to be made
Address of the
entity in which
investment is
proposed to be
made
Nature of
business of
the entity
in which
investment
is proposed
to be made
Details of Address/Location of
Project
( Add rows in case of multiple
projects within a
company/undertaking/entity)
(i) (ii) (iii) (iii) (iv) (v) (vi)
Planned date of
commencement
of Project
Planned
date of
Commence
Date of
commence
ment of
Source of Investment : Details of management responsible
for execution of project:
[भाग II—खण् ड 3(i)] भारत का राजप् : असाधारण 11
(Write “not applicable” against the column or columns which are not relevant to the applicant.)
Declaration - I certify that the information furnished above is true to the best of my knowledge and belief.
- I undertake on behalf of ……………….(write the name of the applicant) being a Infrastructure
capital company/ Infrastructure capital fund/ Infrastructure debt fund- /Public sector company (Select the
relevant option) that the money realised on issue of such bond shall be invested in accordance with clause
(iv) or clause (v) of sub-rule (3) of rule 8B of the Income-tax Rules, 1962.
(dd/mm/yyyy) ment
Operations
(dd/mm/yy
yy)
commercial
operations
of project
(dd/mm/yy
yy)
[Applicable
in case of
Infrastructur
e Debt
Fund]
( Attach organisation structure
chart )
(vii) (viii) (ix) (x)
S.
No.
Source Amount
(In Rs) - Zero
Coupon
Bond - Own
Funds - Other loan
and
borrowings - Issue of
rupee
denominat
ed bonds - Issue of
foreign
currency
bond - Others
(Specify)
Total
(xi)
S.
No.
Designation
1.Director - Trustee
- Others
Name Qualification
(i) (ii) (iii) (iv)
Experience
and
Performa
nce
Particulars of Asset
Management Fund
if any
Name Address PAN/Aadhar
(v) (vi) (vii) (viii)
Amount of funds realised by issue of Zero Coupon Bond proposed to be invested project wise in
(Select the first Financial Year)
Name of Project Financial Year 1
(Rs)
Financial Year 2
(Rs)
Financial
Year 3
(Rs)
Financial
Year 4
(Rs)
Financial
Year 5
(Rs)
Financial
Year 6
(Rs)
(xii) (xiii) (xiv) (xv) (xvi) (xvii) (xviii)
Whether copy of the project report is available?
(xix) Yes/no
12 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] - I further undertake that the ………………..( name of the infrastructure debt fund) shall maintain a
sinking fund for the interest which will accrue on all the zero coupon bonds subscribed and the interest
shall be invested in liquid instruments. [Only to be filled in case applicant is infrastructure debt fund, strike
off if not applicable].
Place:
Date:
Yours faithfully,
Signature of the authorised signatory …………….……………….
Name…………………………………
Designation…………………………
Signature
Note: - 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. Financial Year 2 to 6 in columns (xiv) to
(xviii) in the said row shall be computed automatically from Financial Year 1. - The application shall be furnished along with the documents mentioned below:
(a) Attach copy of Notification of Infrastructure Debt Fund under section 10(47) of the Income-tax Act,
1961 as per row number 3..
(b) Attach certificate of registration/incorporation as per row number 7.
(c) Attach copy of organisation structure of the project in which investment is proposed to be undertaken.
(d) Copy of Project Report, if any.
(e) Power of Attorney of the authorised signatory”;
Form No. 5BA
(See sub-rule (6) of rule 8B)
Certificate of an accountant under sub-rule (6) of rule 8B
I/We* have examined the investment made out of the funds raised by issuance of Zero Coupon Bond by
…………….( Name of issuer) for the financial year…….. and I/We hereby certify the following :- - Name of Infrastructure capital company/ Infrastructure capital fund/
Infrastructure debt fund /Public sector company which has issued
Zero Coupon Bond: - PAN:
- Category (Please tick one): Infrastructure capital company/
Infrastructure capital fund/
Infrastructure debt fund /Public
sector company - Date of Notification for the issue of Zero Coupon Bond Dd/mm/yyyy
- Notification Number
[भाग II—खण् ड 3(i)] भारत का राजप् : असाधारण 13 - Date of issue of Zero Coupon Bond Dd/mm/yyyy
- Amount realised vide issue of Zero Coupon Bond ( in Rs)
- Details of Investment made out of the funds realised by issue of zero coupon bond
S.N
o
Name of
Entity in
which
Investm
ent has
been
made
Nature of
entity in
which
Investme
nt has
been
made
1.Public
Sector
Company
2.Other
company - Any
other
enterpris
e or
undertaki
ng or
entity
PAN/Aadh
aar of
entity in
column (ii)
Addre
ss of
entity
in
colum
n (ii)
Nature
of
busine
ss of
entity
in
colum
n (ii)
Address/Loca
tion of Project
Date of
commencem
ent of
Project
(dd/mm/
yyyy)
Date of
Commence
ment of
Operations
(dd/mm/
yyyy)
Date of
Commence
ment of
Commercial
Operations
(dd/mm/
yyyy)
( In case of
infrastructur
e debt fund)
Amount of funds raised by issue
of Zero Coupon Bond invested
across financial years ( In Rs) Financial Year 1:yyyy Financial Year 2: yyyy Financial Year 3: yyyy Financial Year 4: yyyy Financial Year 5: yyyy
Financial Year 6: yyyy
(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi) - I/We certify that the ………………..( name of the infrastructure debt fund) has maintained a
sinking fund for all accrued interest on the money realised on issue of the zero coupon bond which has been
invested in liquid instruments [Only to be filled in case applicant is infrastructure debt fund, strike off if not
applicable].
Signature : ……………….………..…….…….…….….
Name: ………………………..…….…….…….…….…
Name of the company/fund: ………………..…….…….
Address: …………….…………..………………………
Registration No.: ………….……………..…….…….….
Note :
To be signed and verified by an accountant (other than employee) as defined in the Explanation below subsection (2) of section 288 of the Act.”.
[Notification No. 28/2022/F. No. 370142/4/2022-TPL]
NEHA SAHAY, Under Secy.
Note : The principal rules were published in the Gazette of India Extraordinary, Part III, section 3, subsection (ii), vide notification number S.O. 969 (E), dated the 26th March, 1962 and last amended
vide notification number G.S.R. 274 (E) dated the 5th April, 2022.
