Central Government Specifies 13.5% 10-Year Industrial Reconstruction Bank Bonds Under Section 80L for Tax Purposes.

The Central Government, under the powers granted by section 80L of the Income-tax Act, 1961, specified the 13.5% 10-Year Industrial Reconstruction Bank of India Bonds (Taxable) (22nd Series) for tax purposes. These bonds, identified by distinctive numbers, were issued by the Industrial Reconstruction Bank of India, now the Industrial Investment Bank of India Limited. The bonds have a total value of Rs. 75 crores and are recognized for the purposes outlined in the specified clause of the Income-tax Act.

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