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of <h1>Nagpur Municipal Corporation to Issue Tax-Free Bonds Worth 128 Crores INR for 2006-07 Under IT Act Section 10(15)(vii)</h1> The Central Government authorized Nagpur Municipal Corporation to issue Tax Free Municipal Bonds worth 128 crores INR for the financial year 2006-07 under sub-clause (vii) of clause (15) of section 10 of the Income-tax Act, 1961. These bonds are specified to be tax-free, and the tax benefits are applicable only if the bondholder registers their name and holdings with the corporation. This initiative is outlined in Notification No. 1/2007, dated January 4, 2007.
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