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Section 2(48) of the Income-tax Act, 1961 Zero Coupon Bond Specified bond


 Notice Date : 03 February 2010

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Section 2(48) of the Income-tax Act, 1961 Zero Coupon Bond Specified bond

 

Notification No. 08/2010/F. No.164/03/2008-ITA.I

Dated 3-2-2010

In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following particulars of zero coupon bond for the purposes of the said clause, namely :

(a)

Name of the bond

Bhavishya Nirman Bond ( a ten year zero coupon bond) of National Bank of Agriculture and Rural Development (NABARD);

(b)

period of life of the bond

ten years;

(c)

the time schedule of the Issue of bond

to be issued on or before the 31st day of March, 2011;

(d)

the amount to be paid on maturity or redemption of the bond

twenty thousand rupees for each bond;

(e)

the discount

to be decided by NABARD at the time of issue of the bond; and

(f)

the number of bonds to be issued

Ninety-five lakhs and twenty thousand

2. This notification is subject to the fulfillment of conditions referred to in clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income-tax Rules, 1962.

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Guest
on 04 February 2010
Published in Income Tax
Source : ,










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