CBDT bans AAI from issuing tax-free bonds, raises cap for 3 entities

CBDT has vide Notification No. 11/2014 dated 13.02.2011 removed Airport Authority of India Limited(AAI) from the list of Companies/ Financial Institutions eligible to issue Tax Free Bonds. In addition it has changed the issue cap of Rural Electrification Corporation Limited(REC), National Housing Bank (NHB) and NTPC Limited (formerly known as National Thermal Power Corporation).

MINISTRY OF FINANCE

(Department of Revenue)

NOTIFICATION NO. 11/2014

DATED 13-2-2014

S.O. 399(E)._In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following amendment to the notification of the Government of India, Ministry of Finance, (Department of Revenue), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 2424(E), dated the 8th of August, 2013, namely:—

In the said notification, in the Table,—

(i)   serial number 3 and the entries relating thereto shall be omitted;

(ii)   for the serial numbers 7, 8 and 13 and entries relating thereto, the following serial numbers and entries shall be substituted, namely:—

[Notification No. 11/2014/F.NO.178/9/2014-(ITA-I)]

SURABHI SHARMA, Under Secy.