Section 10(15), item (h) of sub-clause (iv) of the Income-tax Act, 1961 - Exemptions - Interest on bonds/debentures - Notified bonds/debentures of Public Sector Companies.

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..... on 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the 1[Rural Electrification Corporation Limited] (hereinafter referred to as the entity), to issue, through a public issue, during the financial year 2011-12, tax free, secured, redeemable, non-convertible bonds of rupees 1,000 each, aggregating to rupees three thousand crores subject to the conditions specifi .....

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..... ther that higher rate of interest shall not be available in case the bonds are transferred, except in case of transfer to legal heir in the event of death of the original investor: (d) Commission on sale.- (i) the commission on sale shall be capped at a maximum of a flat fee of 1.25% of the issue size; (ii) The flat fee shall include the total expense for the issue of bonds, including the expens .....

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..... idual investor investing upto rupees five lakh shall be treated as retail investor and any individual investor investing more than rupee five lakh shall be treated as High Networth Individual.] [F.No.178/56/2011-(ITA.I)] ******** Notes 1. Substituted vide Notification No. 13/2012 dated 06-03-2012 before it was read as "Rural Electrification Corporation" 2. Substituted vide Notificat .....

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