Section 2(48) of the Income-tax Act, 1961 Zero Coupon Bond Specified bond - 08/2010 - Income Tax

Section 2(48) of the Income-tax Act, 1961 Zero Coupon Bond Specified bond Notification No. 08/2010 Dated: 3rd February 2010 S.O. 240(E).- In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby specifies the following particulars of zero coupon bond for the purposes of the said clause, namely : (a) Name of the bond Bhavishya Nirman Bond ( a ten year zero coupon bond) of National Bank of Agriculture and Rural Development (NABARD); (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 twenty thousand rupees for each bond; (e) the discount to be decided by NABARD at the time of issue of the bond; and (f) the number of bonds to be issued Ninety-five lakhs and twenty thousand 2 . This notification is subject to the fulfillment of conditions referred to in clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income-tax Rules, 1962 . Bottom of Form [F. No.164/03/2008-ITA.I]