Zero Coupon Bond Specification under Section 2(48) of Income-tax Act, 1961
S.O. 1120(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 Zero Coupon Bond of Power Finance Corporation Ltd.
(b) period of life of the bond – Ten years one month
(c) the time schedule of the issue of the bond – To be issued on or before the 31st day of March, 2027
(d) the amount to be paid on maturity – Rs.1,00,000/- for each bond or redemption of the bond
(e) the discount – Rs. 49,546/- per bond
(f) the number of bonds to be issued – Ten lakhs
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