Savings Bonds issuance defines investor eligibility, nontransferability, interest payment options and tax treatment for holders. Notification prescribes issuance of 8% Savings (Taxable) Bonds, 2003: eligible resident investors and specified institutions may subscribe with no maximum limit; bonds issued at par and held only in Bond Ledger Accounts with authorised banks/SHCIL; bonds are non-transferable and ineligible as collateral; interest may be paid half-yearly or compounded to maturity and is taxable under the Income-tax Act while bonds are wealth-tax exempt; maturity repayment, nomination procedures, application formalities, receiving offices and brokerage arrangements are specified.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Savings Bonds issuance defines investor eligibility, nontransferability, interest payment options and tax treatment for holders.
Notification prescribes issuance of 8% Savings (Taxable) Bonds, 2003: eligible resident investors and specified institutions may subscribe with no maximum limit; bonds issued at par and held only in Bond Ledger Accounts with authorised banks/SHCIL; bonds are non-transferable and ineligible as collateral; interest may be paid half-yearly or compounded to maturity and is taxable under the Income-tax Act while bonds are wealth-tax exempt; maturity repayment, nomination procedures, application formalities, receiving offices and brokerage arrangements are specified.
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