Rule 2F of Income-tax Rules, 1962 provides Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10. In this Rule Proviso to sub-rule (5) is been omitted by CBDT vide Notification No. 66/2019 dated 16th September, 2019 with effect from 16.09.2019. Text of the sub-rule (5) with Omitted Proviso is as follows:-
[Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10.
(5) In case of an investor in the aforesaid bond being a non-resident, the original or initial maturity of bond, at time of first investment by such non-resident investor, shall not be less than a period of five years :
Provided that the investment made by a non-resident investor in such bonds shall be subject to a lock in period of not less than three years, but the non-resident investor may transfer the bond to another non-resident investor within such lock in period.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 66/2019
New Delhi, the 16th September, 2019
(INCOME-TAX)
G.S.R. 661(E).—In exercise of the powers conferred by clause (47) of 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. Short title and commencement.— (1) These rules may be called the Income-tax (7th Amendment) Rules, 2019.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, in Rule 2F, in sub-rule (5), the proviso shall be omitted.
[Notification No. 66/2019/ F.No. 370142/10/2019-TPL]
NIRAJ KUMAR, Dy. Secy. (Tax Policy & Legislation)
Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O. 969(E), dated the 26th March, 1962 and was last amended, vide notification number S.O. 3215(E) dated 5th September, 2019.
