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of <h1>Calculating Pro Rata Discounts on Zero Coupon Bonds Under Section 36(1)(iiia) of Income Tax Rules, 1962 Explained</h1> For calculating the pro rata discount on a zero coupon bond under section 36(1)(iiia) of the Income Tax Rules, 1962, the bond's life is converted into calendar months. If the issuance, maturity, or redemption month has 15 or more days, it counts as a full month; otherwise, it is ignored. The discount amount is divided by these months. For any months included in a previous year, the monthly discount is multiplied by the number of such months to determine the pro rata discount applicable for that year.
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