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of <h1>Chennai Water Board to Issue 50 Crore Tax-Free Municipal Bonds Under Section 10(15)(vii) of Income-tax Act 1961</h1> The Central Government, under Section 10(15)(vii) of the Income-tax Act, 1961, has specified that Tax Free Municipal Bonds amounting to fifty crores rupees will be issued by the Chennai Metropolitan Water Supply and Sewerage Board during the financial year 2004-2005. These bonds are designated as tax-free, provided that the bondholders register their names and holdings with the issuing corporation. This notification, numbered 112/2005 and dated March 23, 2005, outlines the conditions under which the tax benefits will be applicable.
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