Notification No. 74/2020 [F. No. 178/42/2017-ITA-1] / SO 3122(E)

Last updated: 16 September 2020

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The Central Board of Direct Taxes has notified the L&T Infra Debt Fund as an Infrastructure Debt Fund for tax purposes. This notification applies from the assessment year 2018-2019 and subsequent years. The fund must comply with the Income-tax Act, Income-tax Rules, and RBI conditions, and file its income tax return by the due date.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 11th September, 2020

S.O. 3122(E).—In exercise of the powers conferred by clause (47) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Infrastructure Debt Fund namely, the ‘L&T Infra Debt Fund (PAN: AACCL4493R)’ for the purposes of the said clause, for the assessment year 2018-2019 and subsequent years subject to the following conditions, namely:-

(i) that the Infrastructure debt fund shall conform to and comply with the provisions of the Income-tax Act, 1961, rule 2F of the Income-tax Rules, 1962 and the conditions provided by the Reserve Bank of India in this regard, and

(ii) that the Infrastructure debt fund shall file its return of income as required by sub-section (4C) of section 139 of the Income-tax Act, 1961 on or before the due date.

[Notification No. 74/2020/F. No. 178/42/2017-ITA-1]

GULZAR AHMAD WANI, Under Secy.

Explanatory Memorandum

It is certified that no person is being adversely affected by giving retrospective effect to this notification.

FAQ :

This notification designates the L&T Infra Debt Fund as an Infrastructure Debt Fund for the purposes of clause (47) of section 10 of the Income-tax Act, 1961.

The notification covers the assessment year 2018-2019 and all subsequent years.

The fund must comply with the Income-tax Act, 1961, rule 2F of the Income-tax Rules, 1962, and conditions set by the Reserve Bank of India. It must also file its return of income by the due date.

The notification was issued by the Central Government through the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes).

An explanatory memorandum certifies that no person is adversely affected by any retrospective effect of this notification.