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of <h1>CBDT Designates Debentures and Bonds as Long-Term Assets u/s 54EB of Income-tax Act, 1961.</h1> The Central Board of Direct Taxes, under the authority of section 54EB of the Income-tax Act, 1961, designates certain financial instruments as long-term specified assets. These include debentures and bonds to be issued by a company within one year from the notification date. The debentures, not exceeding Rs. 20 crores, and bonds, not exceeding Rs. 250 crores, are both transferable or convertible after seven years. This specification is detailed in Notification No. 10496/F. No. 178/28/97-ITA-I, issued on January 5, 1998.
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