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Amendment to 7.75% Savings (Taxable) Bonds 2018

Interest on the Bonds will be taxable under the Income Tax Act 1961 as applicable

Interest on the Bonds will be taxable under the Income Tax Act 1961 ,Interest on the Bonds,Amendment to 7.75% Savings (Taxable) Bonds 2018Ministry Of Finance,Department of Economic Affairs issued Notification vide No.S.O. 101(E) New Delhi, the 8th January, 2018 regarding Amendment to 7.75% Savings (Taxable) Bonds 2018, Notification No S.O. 44 (E).

The Government of India hereby notifies, with effect from the date of this Notification, the following amendments in the conditions specified in 7.75% Savings (Taxable) Bonds 2018 notified vide Notification No. S.O. 44(E) dated January 03, 2018

In place of clauses 4, 9 (i), 9 (iii) and 17 respectively of the original notification the following shall be substituted:

  1. Tax Treatment: Interest on the Bonds will be taxable under the Income Tax Act, 1961 as applicable according to the relevant tax status of the Bond holders.

9 Application:

9 (i) Applications for the Bonds, either in physical form or electronic form, may be made in the Revised Form A attached hereto, as Annexure 2, or in any other form as near as thereto stating clearly the amount, name and full address of the applicant/s.

10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]

9(iii) Applicants who have obtained exemption from Income Tax under the relevant provisions of the Income Tax Act, 1961, shall make a declaration to that effect in the application (in Revised Form A) and submit a true copy of the certificate obtained from Income Tax Authorities.

17 Brokerage: Brokerage at the rate of 0.5% of the amount mobilized will be paid to the brokers, registered with the Receiving Offices, as listed in paragraph 10 above, on the applications tendered by them and bearing their stamp, on behalf of their clients.

Source: MoF

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