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of <h1>Zero Coupon Bonds: Defined under Section 2(48) of the Income-tax Act, 1961; Issued by Infrastructure Firms, Banks, Funds.</h1> A zero coupon bond, as defined in clause (48) of section 2 of the Income-tax Act, 1961, is a bond issued by infrastructure capital companies, funds, public sector companies, or scheduled banks after June 1, 2005. It involves no payments or benefits before maturity or redemption from these entities. The Central Government may specify such bonds through a notification in the Official Gazette. The term 'scheduled bank' is defined in section 36, and 'infrastructure debt fund' refers to funds notified by the Central Government under section 10.
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