VittSphere ONE Calculators Blog CA Firm CA Prabhakar Kumar · FCA · ICAI 560762
Calculators Blog Handle my notice
Case law › Notifications › 2012 › Notification No. 50/2012
Notification 15 November 2012

Notification No. 50/2012

Section 10(15), Item (h) of Sub-clause (iv) of the Income-tax Act, 1961 - Exemptions - Interest on Bonds/debentures - Specified Companies Authorized to Issue Tax-free, Secured, Redeemable, Non-convertible Bonds During F.y. 2012-13 - Corrigendum

What this is

Notification No. 50/2012 was published on 15 November 2012. Its subject is Section 10(15), Item (h) of Sub-clause (iv) of the Income-tax Act, 1961 - Exemptions - Interest on Bonds/debentures - Specified Companies Authorized to Issue Tax-free, Secured, Redeemable, Non-convertible Bonds During F.y. 2012-13 - Corrigendum.

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

This is a corrigendum to notification S.O. 2685(E) dated 6 November 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) of the same date, issued under item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961. In the table to that notification, for "Rural Electrical Corporation" the words "Rural Electrification Corporation Limited" are to be read. It corrects the name of one of the companies authorised to issue tax-free, secured, redeemable, non-convertible bonds during financial year 2012-13; nothing else in the parent notification is altered.

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 - SPECIFIED COMPANIES AUTHORIZED TO ISSUE TAX-FREE, SECUReD, REDEEMABLE, NON-CONVERTIBLE BONDS DURING F.Y. 2012-13 - CORRIGENDUM
NOTIFICATION no. 50/2012-IT [F.NO.178/60/2012-(ITA.1)], DATED 15-11-2012
In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number S.O. 2685(E), dated the 6th November, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 6th November, 2012, in the table, for "Rural Electrical Corporation", read "Rural Electrification Corporation Limited".
■■

What to watch

Where you meet it

In a bondholder's return of income claiming interest on these bonds as exempt, and in the offer document of the issue which cites the notified authorisation.

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. 51/2012  ·  Notification: 49 Date of Issue: 7/11/2012 →

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.