Deduction for interest on securities: specified safety bonds declared eligible for tax deduction under income tax provision. The Central Government, under clause (ii) of section 80L of the Income-tax Act, specifies ICICI Safety Bonds-August, 1999 (issued by Industrial Credit and Investment Corporation of India Limited) as eligible for the deduction for interest on securities and related receipts. The notification identifies categories (Encash Bonds; Tax Saving Bonds Options I-V; Regular Income Bonds Options I-III), provides the face value of each bond (Rs. 5,000) and lists distinctive number ranges for each allotment series, thereby designating those specific bond allotments for the deduction.
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.
Deduction for interest on securities: specified safety bonds declared eligible for tax deduction under income tax provision.
The Central Government, under clause (ii) of section 80L of the Income-tax Act, specifies ICICI Safety Bonds-August, 1999 (issued by Industrial Credit and Investment Corporation of India Limited) as eligible for the deduction for interest on securities and related receipts. The notification identifies categories (Encash Bonds; Tax Saving Bonds Options I-V; Regular Income Bonds Options I-III), provides the face value of each bond (Rs. 5,000) and lists distinctive number ranges for each allotment series, thereby designating those specific bond allotments for the deduction.
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