Tuesday, November 20, 2012

New Amendment in Sec. 10(15) for Exemptions on Interest of Bond/Debentures

 

SECTION 10(15), ITEM (h) OF SUB-CLAUSE (iv) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - INTEREST ON BONDS/DEBENTURES - SPECIFIED COMPANIES AUTHORIZED TO ISSUE TAX-FREE, SECUReD, REDEEMABLE, NON-CONVERTIBLE BONDS DURING F.Y. 2012-13 - CORRIGENDUM

NOTIFICATION no. 50/2012-IT [F.NO.178/60/2012-(ITA.1)], DATED 15-11-2012

In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number S.O. 2685(E), dated the 6th November, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 6th November, 2012, in the table, for "Rural Electrical Corporation", read "Rural Electrification Corporation Limited".

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Delhi HC holds 10% pre-deposit requirement for penalty-only appeals inapplicable where SCN was issued before amendment

  This Tax Alert summarizes a recent ruling of the Delhi High Court (HC) [1] on whether the newly introduced pre-deposit requirement for fi...