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of <h1>New Income-tax Rules: Guidelines for Infrastructure Debt Funds Under Section 10(47) for Tax Exemption and Compliance</h1> The Income-tax (Fifth Amendment) Rules, 2012 introduces Rule 2F, detailing guidelines for establishing an Infrastructure Debt Fund (IDF) for tax exemption under section 10(47) of the Income-tax Act, 1961. The IDF must be set up as a Non-Banking Financial Company aligning with Reserve Bank of India directions. Investments are restricted to specific infrastructure projects and bonds issued must comply with RBI and Foreign Exchange Management regulations. Non-resident investors face a minimum five-year bond maturity and a three-year lock-in period. The IDF's investment in any single project is capped at 20% of its corpus, and it must file income returns as mandated. Non-compliance results in loss of tax-exempt status.
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