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


 Notice Date : 08 April 2010

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

 

[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY]

 

MINISTRY OF FINANCE

(Department of Revenue)

(Central Board of Direct Taxes)

New Delhi, the 8th April, 2010.

 

Notification No 24

 

F. No.164/02/-2008-ITA.I

(Income-tax)

 

S.O. (E).-In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), read with clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income Tax Rules, 1962, the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause (48) of section 2 of the said Act, namely :—

 

(a)

name of the bond

-ten year Deep Discount Bond (Zero Coupon Bond) of Rural Electrification Corporation Limited (REC);

(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

-thirty thousand rupees for each bond;

(e)

the discount

-4,736.25 crores

(f)

the number of bonds to be issued

-twenty five lakhs.

 

 

 [Notification : No 24 F. No.164/02/-2008-ITA.I]

 

( Padam Singh )

Under Secretary to the Government of India

 

To

The Manager,

Government of India Press,

Ring Road, Mayapuri Industrial Area,

Near Rajouri Garden, New Delhi

 

Guest
on 12 April 2010
Notification No : 24/2010
Published in Income Tax
Source : ,










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