**Policy Summary:**
This notification, S.O. 2529(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes on August 8, 2017, designates bonds issued by the Indian Railway Finance Corporation Limited (IRFC) as long-term specified assets under Section 54EC of the Income-tax Act, 1961. Specifically, any bond redeemable after three years, issued by IRFC (a company formed and registered under the Companies Act, 1956) on or after August 8, 2017, qualifies for this designation. This notification is issued in exercise of the powers conferred by clause (ba) of Explanation to section 54EC of the Income-tax Act, 1961 (43 of 1961). The notification number is 79/2017 [F. No. 370142/18/2017-TPL]. The Director of Tax Policy and Legislation, Pravin Rawal, is the contact person.
Key Entities Referenced
Income-tax Act, 1961: A tax law in India, specifically section 54EC, which is relevant to the notification.
Central Board of Direct Taxes: A department under the Ministry of Finance responsible for direct tax administration in India. It issued the notification.
Ministry of Finance: The government ministry responsible for financial matters in India. The Department of Revenue operates under this ministry.
Indian Railway Finance Corporation Limited: A company that issues bonds which, according to the notification, can be considered long-term specified assets for tax purposes under Section 54EC of the Income-tax Act, 1961.
Companies Act, 1956: The law under which the Indian Railway Finance Corporation Limited was formed and registered.
New Delhi: The location where the notification was issued and the location of Government of India Press, Ring Road, Mayapuri
Pravin Rawal: Director, Tax Policy and Legislation, who is mentioned in the notification.
Department of Revenue: A department under the Ministry of Finance.
REGD. NO. D. L.-33004/99
EXTRAORDINARY
II— — (ii)
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
2224]
No. 2224] NEW DELHI, TUESDAY, AUGUST 8, 2017/SRAVANA 17, 1939
वित्त मत्रं ालय
(राजस्ि विाा)
(केन्दरीय्त्य क्ष करोर्ड
अविसचू ना
नईदिल्ली, 8अ)स्त,2017
आय-कर
का.आ.2529(अ .—केंरीयसरकार,आय-कर अविवनयम, 1961 (1961 का 43) की िारा54ङ)के
स्पष्टीकरणकेखं्(खक द्वारा ्ित्त शवियों का ्यर) करत े हुए,तीनिर्डकेपश्चात्उन्दमरचनीयोंिपत्रऔरवजसे
ाारतीयरेलवित्तवन)मवलवमटे्, कंपनीअविवनयम, 1956 (1956 का1 केअिीनएकरवजस्रीकृतकंपनीद्वारा
राजपत्रमेंइसअविसूचनाके्काशनकीतारीखकरयाउसकेपश्चात्जारीदकया)याहै, करउििाराके
्यरजनोंकेवलए‘िीर्ाडिविविवनर्िष्टड आवस्त’केरूपमेंअविसूवचतकरतीहै ।
[अविसूचनासं. 79/2017/फा.स.ं 370142/18/2017-टीपीएल]
्िीनरािल, वनिशे क(करनीवतऔरवििान
4807 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 8th August, 2017
INCOME-TAX
S.O. 2529(E).—In exercise of the powers conferred by clause (ba) of Explanation to section
54EC of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that any
bond redeemable after three years and issued by the Indian Railway Finance Corporation Limited, a
company formed and registered under the Companies Act, 1956 (1 of 1956), on or after the date of
publication of this notification in the Official Gazette, as ‘long-term specified asset’ for the purposes
of the said section.
[Notification No. 79/2017/F. No. 370142/18/2017-TPL]
PRAVIN RAWAL, Director (Tax Policy and Legislation)
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.