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Central Government has issued Notification S.O.280(E), designating the “7 year 13% Secured Redeemable Non-convertible Bonds (A-Series)” issued by Hindustan Photo Films Manufacturing Company Limited as eligible for tax benefits under clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961. This notification, effective from March 24, 1988, stipulates that the tax benefit associated with these bonds will apply only if the transferee notifies the company of any transfer through endorsement or delivery within sixty days via registered post. This move is aimed at providing investors with a structured opportunity to benefit from tax deductions while holding these specific bonds.
Notification: S.O. 280(E)
Section(s) Referred: 80L ,80L(1) ,80L(1)(ii)
Statute: INCOME TAX
Date of Issue: 24/3/1988
In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies ” 7 year 13% Secured Redeemable Non-convertible Bonds (A-Series) “, issued by the Hindustan Photo Films Manufacturing Company Limited, for the purpose of the said clause :
Provided that the benefit under the said clause shall be admissible in the case of transfer of such bonds by endorsement or delivery only if the transferee informs the said Company by registered post within a period of sixty days of such transfer.
[F. No. 328/138/87–WT]
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