Is interest from REC bonds covered under the exemption given under Sec 10(15) ?
Kindly quote the notification, if yes.
Geetika
(CA FINAL)
(32 Points)
Replied 08 July 2015
The income by way of interest on REC -tax free Bonds is exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act.
Gowtham
(Student)
(1174 Points)
Replied 09 July 2015
So REC bonds that render the 54EC benefit are not tax free and interest from such bonds is taxable. right ?
CAclubindia
