Special Bearer Bonds tax exemption expanded to include premium on redemption under amended income tax definitions and clauses. The amendment inserts Special Bearer Bonds into the Income-tax Act's enumerated instruments and adds premium on the redemption of those bonds to the ... Summary
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Special Bearer Bonds tax exemption expanded to include premium on redemption under amended income tax definitions and clauses.
The amendment inserts Special Bearer Bonds into the Income-tax Act's enumerated instruments and adds premium on the redemption of those bonds to the clause listing exempted receipts, thereby subjecting those bonds to the Act's specified tax treatment and excluding the redemption premium from taxable income under the identified provision.
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