VittSphere ONE Calculators Blog CA Firm CA Prabhakar Kumar · FCA · ICAI 560762
Calculators Blog Handle my notice
Case law › Notifications › 2012 › Notification No. 06/2012
Notification 14 February 2012

Notification No. 06/2012

Section 10(15), item (h) of sub-clause (iv) of the Income-tax Act, 1961 - Exemptions - Interest on bonds/debentures - Notified bonds/debentures of Public Sector Companies

What this is

Notification No. 06/2012 was published on 14 February 2012. Its subject is Section 10(15), item (h) of sub-clause (iv) of the Income-tax Act, 1961 - Exemptions - Interest on bonds/debentures - Notified bonds/debentures of Public Sector Companies.

This grants an exemption or a relief under a provision that allows one. Read the conditions attached: an exemption notification is construed strictly, and a condition missed is the exemption lost.

What it does

The notification amends notification S.O. 2210(E) dated 23 September 2011, issued under item (h) of sub-clause (iv) of clause (15) of section 10, which lists the entities authorised to issue tax free bonds and the aggregate amount each may issue. In the Table to that notification, serial number 2 and the entries relating to it are substituted, so that serial number 2 now reads 'Indian Railway Finance Corporation Ltd.' against an aggregate amount of bonds of Rs. 7,000 crores.

Who it reaches

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.
Under the 1961 ActNow
s.3s.3
s.10s.11, s.19

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

Section 10(15), item (h) of sub-clause (iv) of the Income-tax Act, 1961 - Exemptions - Interest on bonds/debentures - Notified bonds/debentures of Public Sector Companies
Notification No.6/2012 [F.No. 178/56/2011-(ITA.I)]/s.o. 285(E), dated 14-2-2012
S.O. (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. 2210(E), dated the 23rd September, 2011, namely :-
In the said notification, in the Table, for serial number 2 and the entries relating thereto, the following serial number and entries shall be substituted, namely:-

S. No. (1)
Entities (2)
Aggregate Amount of Bonds (3)

"2.
Indian Railway Finance Corporation Ltd.
Rs. 7,000 crores"

■■

What to watch

Where you meet it

A reader meets this in the return where interest on Indian Railway Finance Corporation tax free bonds is shown as exempt under section 10(15), and in the issuer's offer document.

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

← Notification No. 07/2012  ·  Notification No. F. 71-AD(AT)/2012 →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.