TaxTMI 
TaxTMI 
TaxTMI 
Income-tax (8th Amendment) Rules, 2022
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....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 s....
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....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 sub-section (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:─ [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, sub-section (ii), vide notification number S....
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....tems) 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, Name of the applicant 2. Category (Please tick one): 3. Address 4. 5. 6. 1961 Permanent Account Number of the applicant Jurisdictional Assessing Officer Date of incorporation/registration (Please enclose copy of certificate of incorporation/ registration) Infrastructure capital company/ Infrastructure capital fund/ Infrastructure debt fund/Public sector company Dd/mm/yyyy 10 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II SEC. 3(i)] 7. In case of an Infrastructure debt fund in row 2,- 8. 9. 10. 11. 12. 13. 14. (a) date of approval under section 10(47) of the Act (b) Notification Number of the approved Infrastructure debt fund under section 10(47) of the Act O....
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.... of Project Financial Year 1 Financial Year 2 (Rs) Financial Financial Financial Year 3 (Rs) Year 4 Year 5 Financial Year 6 (xii) Whether copy (Rs) (xiii) (xiv) of the project report is available? (xix) (Rs) (Rs) (Rs) (xv) (xvi) (xvii) (xviii) Yes/no 11 (Write "not applicable" against the column or columns which are not relevant to the applicant.) 1. 2. 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. 12 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II SEC. 3(i)] 3. 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 cas....