The Income-Tax (17th Amendment) Rules. 2015 - 84/2015 - Income Tax

[TO BE PUBLISHED IN THE GAZETTE OF INDIA. EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] (INCOME-TAX) Notification New Delhi the 20th October. 2015 S.O. 2877(E). In exercise of the power conferred by section 295 read with clause (47) of section 10 of tile 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 (17th Amendment) Rules. 2015. (2) They shall come into force from the 14th day of May. 2015. 2. In the Income-tax Rules, 1962, in rule 2F for sub-rules (I) and (2) the following sub-rules shall be substituted namely: (1) The Infrastructure Debt Fund shall be set up as a Non-Banking Financial Company conforming to and satisfying the conditions provided by the Reserve Bank of India in the Infrastructure-Debt Fund - Non-Banking Financial Companies (Reserve Bank) Directions, 2011, vide notification No, DNBS 233/CGM (US)-2011, dated the 21st November 2011 as amended vide Notification No. DNBR 020/CGM (CDS) 2015, dated the 14 th May, 2015, (2) The funds of the Infrastructure Debt Fund shall be invested only in Post Commencement Operation Date Infrastructure Projects which have completed at least one year of satisfactory commercial operations that are (i) Public Private Partnership Projects and are a party to triplicate agreement with the concessionaire and the project authority for ensuring compulsory buy out and termination payment; (ii) Non-Public Private Partnership Projects and Public Private Partnership Projects and Public Partnership Projects without a project authority, in sectors where there is no project authority , [Notification No. 84/2015/ F. No.133/43/201S-TPL] (R. LAKSHMI NARYANAN) Under Secretary (Tax Policy and Legislation) Note .- The principal rules were published in the Gazette of India Extraordinary, part III, section 3. sub-section (i), vide notification number S.O. 969(E), dated the 26th March, 1962 and were last amended vide notification number S.O. 2860(E), dated the 19th October, 2015.