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of <h1>New 7-Year 17.5% Bonds by Tourism Finance Corp Qualify Under Section 80L(1)(ii) for Tax Benefits</h1> The Central Government has issued a notification specifying the 7-year 17.5% taxable Secured Redeemable Non-convertible (Series MB-I) Bonds issued by the Tourism Finance Corporation of India Limited under section 80L(1)(ii) of the Income-tax Act, 1961. This notification supersedes a previous one dated January 6, 1992, and stipulates that the tax benefit is only applicable if the transferee informs the corporation of any bond transfer within 60 days. This notification takes effect from April 1, 1993, and applies to the assessment year 1993-94 and subsequent years.
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