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of <h1>CBDT Specifies Long-Term Assets for Section 54EB Tax Benefits: Bonds and Deposits with Select Institutions.</h1> The Central Board of Direct Taxes, under the Ministry of Finance, issued a notification on March 4, 1997, specifying certain long-term assets for the purposes of Section 54EB of the Income-tax Act, 1961. These assets include bonds redeemable after seven years from organizations such as the Industrial Credit and Investment Corporation of India Limited, Sardar Sarovar Nannada Nigam Limited, Dharamsi Morarji Chemical Company Oil Terminals Limited, and the Industrial Reconstruction Bank of India. Additionally, deposits of at least seven years with the Housing Development Finance Corporation Limited, the Industrial Reconstruction Bank of India, and the ICICI Banking Corporation Limited are also specified.
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