Section - 2(48) (of Income Tax Act, 1961), Income-tax Act
Section - 2(48) (of Income Tax Act, 1961), Income-tax Act
Definitions of "zero coupon bond"
"zero coupon bond" means a bond—
(a) issued by any infrastructure capital company or infrastructure capital fund or public sector company or scheduled bank on or after the 1st day of June, 2005;
(b) in respect of which no payment and benefit is received or receivable before maturity or redemption from infrastructure capital company or infrastructure capital fund or public sector company or scheduled bank; and
(c) which the Central Government may, by notification in the Official Gazette, specify in this behalf.
Explanation.—For the purposes of this clause, the expression "sche-duled bank" shall have the meaning assigned to it in clause (ii) of the Explanation to sub-clause (c) of clause (viia) of sub-section (1) of section 36 (of Income Tax Act, 1961).
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