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The Central Government specifies the Ten Year Zero Coupon Bond of REC Ltd. as a zero coupon bond under section 2 of the Income-tax Act, 1961. The bond has a life period of ten years and one month. The company issues five lakhs bonds on or before the 31st day of March 2025. The amount to be paid on maturity or redemption is 1 lakh rupees for each bond. The discount is Rs. 2517.85 crores.
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2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION 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 :-
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