AIBE XV — January 2021 — Q.26 (Income Tax Act, 1961)

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Q.26

Taxation Law Medium Knowledge-Based

Bare Act Income Tax Act, 1961 · Section 2(48)

According to Income Tax Act “zero coupon bond” means a bond:

A issued by any infrastructure capital company or infrastructure capital fund or public sector company or scheduled bank on or after the 1st day of June, 2005

B in respect of which no payment and benefit is received or receivable before maturity or redemption from infrastructure capital Company or infrastructure capital fund or public sector company or scheduled bank

C which the Central Government may, by notification in the Official Gazette, specify in this behalf

✓ All of the above Answer

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Explanation & Strategy

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A 'zero coupon bond' under the Income Tax Act is a bond issued at a discount to face value and redeemed at face value on maturity, with no periodic interest payments. The entire return is the difference between issue price and redemption price.

At a Glance

Subject Taxation Law

Difficulty Medium

Act Income Tax Act, 1961

Section Section 2(48)

Answer (D) Knowledge-Based

Paper AIBE XV — January 2021

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