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[Notification No. 111/2022/F. No. 370142/32/2022-TPL] [Notification No. 49/2022/F.No.370142/6/2022-TPL]

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. (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.
  2. 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.”.
  3. 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.”.
  4. 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
  5. Name of the applicant
  6. Category (Please tick one): Infrastructure capital company/ Infrastructure capital fund/
    Infrastructure debt fund /Public sector company
  7. Address
  8. Permanent Account Number of the
    applicant
  9. Jurisdictional Assessing Officer
  10. 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)]
  11. 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
  12. Objects of the applicant (Please attach copy
    of Memorandum/Trust deed, etc.)
    (a) main objects
    (b) ancillary objects
  13. In case of public sector company in column
    2 please specify nature of business
  14. The total number of bonds proposed to be
    issued
  15. Amount for which the bond is proposed to
    be issued
  16. Amount payable on maturity/redemption of
    the bond
  17. Discount [(12) – (11)]
  18. Period of life of the bond
    Years Months Days
  19. Financial year during which the bond is to
    be issued
    y y y y
    y y y y
  20. The objects of issue of the bonds
  21. 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
  22. 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
  23. I certify that the information furnished above is true to the best of my knowledge and belief.
  24. 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)
  25. Zero
    Coupon
    Bond
  26. Own
    Funds
  27. Other loan
    and
    borrowings
  28. Issue of
    rupee
    denominat
    ed bonds
  29. Issue of
    foreign
    currency
    bond
  30. Others
    (Specify)
    Total
    (xi)
    S.
    No.
    Designation
    1.Director
  31. Trustee
  32. 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)]
  33. 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:
  34. 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.
  35. 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 :-
  36. Name of Infrastructure capital company/ Infrastructure capital fund/
    Infrastructure debt fund /Public sector company which has issued
    Zero Coupon Bond:
  37. PAN:
  38. Category (Please tick one): Infrastructure capital company/
    Infrastructure capital fund/
    Infrastructure debt fund /Public
    sector company
  39. Date of Notification for the issue of Zero Coupon Bond Dd/mm/yyyy
  40. Notification Number
    [भाग II—खण् ड 3(i)] भारत का राजप् : असाधारण 13
  41. Date of issue of Zero Coupon Bond Dd/mm/yyyy
  42. Amount realised vide issue of Zero Coupon Bond ( in Rs)
  43. 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
  44. 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)
  45. 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.

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