Section 2(48) of the Income-tax Act, 1961 - Zero Coupon Bond Specified bond - 24/2010 - Income Tax

Section 2(48) of the Income-tax Act, 1961 - Zero Coupon Bond Specified bond Notification No. 24/2010 Dated: April 8, 2010 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. F. No.164/02/-2008-ITA.I (Padam Singh) Under Secretary to the Government of India