The IRT is a 1.1m visible and infrared passively cooled telescope, which can locate, identify and obtain spectra of GRB afterglows at redshifts up to z 20. It will also acquire optical-IR imaging and spectroscopy of AGN and transients discovered by the EXIST (The Energetic X-ray Imaging Survey Telescope). The IRT imaging and spectroscopic capabilities cover a broad spectral range from 0.32.2m in four bands. The identical fields of view in the four instrument bands are each split in three subfields: imaging, objective prism slitless for the field and objective prism single object slit low resolution spectroscopy, and high resolution long slit on single object. This allows the instrument to do simultaneous broadband photometry or spectroscopy of the same object over the full spectral range, thus greatly improving the efficiency of the observatory and its detection limits. A prompt follow up (within three minutes) of the transient discovered by the EXIST makes IRT a unique tool for detection and study of these events, which is particularly valuable at wavelengths unavailable to the ground based observatories.