The Central Board of Direct Taxes (CBDT) notified IDFC Infrastructure Finance Limited as infrastructure debt fund under section 10(47)

The Central Government had notified IDFC Infrastructure Finance Limited as an infrastructure debt fund for the assessment year 2020-21 as well as subsequent assessment years through a Notification No. 83/2019-Income Tax on 21st October 2019.

As per the stated notification No. 83/2019-Income Tax, in exercising the powers conferred by clause (47) of section 10 of the Income Tax Act, 1961 (43 of 1961), the Central Government had notified the infrastructure debt fund specifically, the ‘IDFC Infrastructure Finance Limited (PAN: AADCI5030Q)’ for the purpose of the stated clause, for the assessment year 2020-2021 as well as subsequent assessment years subjected to the following conditions, that is to say:—

•    that the infrastructure debt fund would conform to and act in accordance with with the provisions of the Income-tax Act, 1961, rule 2F of the Income-tax Rules, 1962 as well as the conditions furnished by the Reserve         Bank of India in respect to this; and

•    that the infrastructure debt fund would file its return of income as requisite by sub-section (4C) of section 139 of the Income-tax Act, 1961 on or before the due date.

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Author:

eStartIndia Team