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of <h1>Amendment to Section 54EC: Bonds from NABARD, NHAI, REC now considered 'long-term specified assets' for tax benefits.</h1> Section 54EC of the Income-tax Act has been amended by the Finance Act, 2001, effective April 1, 2002. The amendment redefines 'long-term specified asset' to include bonds redeemable after three years, issued on or after April 1, 2000, by the National Bank for Agriculture and Rural Development or the National Highways Authority of India. Additionally, it includes bonds issued on or after April 1, 2001, by the Rural Electrification Corporation Limited, a company registered under the Companies Act, 1956.
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