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Section 10(15)(vii)



Section 10(15)(vii) of the Income-tax Act, 1961 - Exemptions - Interest on bonds issued by local authorities - Notified bonds

NOTIFICATION NO. 6/2008, DATED 14-1-2008

In exercise of the powers conferred by sub-clause (vii) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the bond with the following particulars for the purpose of the said sub-clause, namely :—

(a)

Name of the bond

Tax-free Pooled Finance Development Bonds under Pooled Finance Development Fund Scheme of Government of India.

(b)

Issuing authority

Water and Sanitation Pooled Fund, Tamil Nadu designated as State Pooled Finance Entity for the State of Tamil Nadu.

(c)

Purpose

To part fund the projects implemented by seven Urban Local Bodies under Water Supply Scheme and Under Ground Sewerage Scheme of Tamil Nadu.

(d)

Tenure of the Bond

Ten years with five years principal moratorium.

(e)

Total issue size

Forty-five crore rupees.

(f)

Interest

Not exceeding 8 per cent per annum.

2. The said Bonds are specified subject to :—

(i) the conditions laid down in the Guidelines for the Pooled Finance Development Scheme notified vide Resolution No. K-14011/40/01-UD II (Vol. III) dated 25th October, 2006 of the Ministry of Urban Development and the Guidelines for issue of tax-free Pooled Finance Development Bonds circulated vide OM F. No. K-14011/40/01-UD II (Vol. IV) dated 7th June, 2007 of the Ministry of Urban Development; and

(ii) the condition that they are issued within a period of twelve months from the date of publication of this notification in the Official Gazette.

 

Ravikumar.G
on 18 January 2008
Published in Income Tax
Source : ,










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