Discount - Definition / Legal Terminology - Income Tax

Explanation . (i) - For the purposes of clause (iiia) of sub-section (1) of section 36 of the Income tax Act 1961, Discount means- the difference between the amount received or receivable by the infrastructure capital company or infrastructure capital fund or public sector company or scheduled bank issuing the bond and the amount payable by such company or fund or public sector company or scheduled bank on maturity or redemption of such bond;