what is treatment of 8% govt saving bond for tds n its taxability in income????????/
2 Replies
C.A SUVAJIT SAHU
(CA ( In Practice ))
(708 Points)
Replied 17 June 2012
hi shruti........
here is your answer.....
MAIN FEATURES IF 8% govt saving(TAXABLE) bonds
1) No maxumum limit for investment
2) Exemption from wealth tax under the wealth tax act 1957
Issued at a par, The bonds are issued for a minimum amount of
Rs, 1000 (face value) and in multiples thereof
3) A sole holder or a sole seviving holder of bonds veing an
induvudual, may nominate one or more persons who shall be
entitiled to the bonds and the payment there on in the event of
his death.
4) Not transferable.
5) 8 percent interest rate per annum. interest on non-
cumulative bonds payable half- yearly.
6) Investment tenure of six years
7) Nomination facility is available.
8) No TDS deducted from the interest amount.
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