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(From Business Line)
from BUSINESS LINE, April 06, 2006 New Delhi, April 5 - The Finance Ministry has come up with the guidelines that would be followed for recognition (for income tax purposes) of the zero coupon bonds issued by an infrastructure capital company or an infrastructure capital fund or a public sector company. These guidelines have come into force from April 1, 2006
The Budget 2005 had brought about a rationalisation in the tax treatment of zero coupon bonds and also introduced a definition of 'zero coupon bond'. It had specified that income on transfer of a zero coupon bond, not being stock-in-trade, would be treated as capital gains. Prior to …