01 July 2010
Any income such as interest on investment made in rural electrification corporation Ltd is exempted or not ? please reply me as early as possible
01 July 2010
Interest is taxable year wise.However,vide notification No. 359/2002 dated 2nd December, 2002, the Corporation has been exempted from deduction of tax at source under section 193 of the Income Tax Act 1961, on the interest payable on REC 54EC Capital Gain Bonds.
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