Income-tax (Third Amendment) Rules, 2025 - Amends Rule 2F - Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....025 New Delhi, the 7th February, 2025 INCOME-TAX G.S.R. 121(E).- In exercise of the powers conferred by section 295 read with clause (47) of section 10 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 (Third Amendment) Rules, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (3) The Infrastructure Debt Fund shall,- (i) issue 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; (ii) issue zero coupon bonds in ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....) In case of external commercial borrowings by the Infrastructure Debt Fund, the tenor shall not be less than a period of five years and such borrowings shall not be sourced from foreign branches of Indian banks."; (c) for sub-rule (7), the following shall be substituted, namely:- "(7) No investment shall be made by the Infrastructure Debt Fund in any project where its specified ....