Zero Coupon Bond - Specified bond notified u/s 2(48) of the Income-tax Act, 1961. - 56/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 56/2023 New Delhi, the 1st August, 2023 (INCOME TAX) S.O. 3440(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 REC Ltd. (b) period of life of bond -ten years one months (c) the time schedule of the issue -to be issued on or before the 31st day of March of bond 2025; (d) the amount to be paid on maturity or redemption of the bond -1 lakh rupees for each bond (e) the discount -Rs. 2517.85 crores (f) the number of the bonds to be issued -five lakhs [F. No.164/1/2023-ITA-1] VIKAS SINGH, Director