Date: 2026-07-17Category: Extra OrdinaryState: Union GovernmentCountry: India
Notification u/s 2(112) of the Income Tax Act, 2025 r.w.r. 7(5)(b), (c) and 7(8) of the Income Tax Rule, 2026 in the case of the National Bank for Financing Infrastructure and Development
**Executive Summary**
This notification, issued by the Central Board of Direct Taxes on July 17, 2026, designates a specific bond issued by the National Bank for Financing Infrastructure and Development as a "zero coupon bond" under the Income-tax Act, 2025. The document outlines the bond's financial specifications, including a ten-year tenure and a total maturity value of twenty thousand crore rupees. The bonds must be issued on or before the deadline of March 31, 2028.
**Key Points / Main Content**
**Bond Specifications**
* **Issuer and Name:** National Bank for Financing Infrastructure and Development; specifically the "Ten Year Zero Coupon Bond."
* **Tenure:** The life of the bond is fixed at ten years.
* **Volume:** A total of twenty lakh (2,000,000) bonds are to be issued.
**Financial Terms**
* **Maturity Amount:** The total amount to be paid upon maturity or redemption is twenty thousand crore rupees.
* **Discount Value:** The specified discount for these bonds is ten thousand two hundred and ninety-six crore twelve lakh rupees.
**Regulatory Compliance**
* **Issuance Timeline:** The bonds must be issued by the scheduled deadline of March 31, 2028.
* **Legal Conditions:** The effectiveness of this notification is conditional upon the issuer fulfilling requirements set forth in the Income-tax Act, 2025, and the Income-tax Rules, 2026.
**Impact Analysis**
**National Bank for Financing Infrastructure and Development**
**Impact**
The bank is authorized to issue a specific volume of ten-year bonds that qualify for "zero coupon bond" status under Indian tax law.
**Action Required**
The bank must ensure the bonds are issued on or before March 31, 2028, and must remain compliant with all conditions specified in the Income-tax Act, 2025, and Income-tax Rules, 2026.
**Central Board of Direct Taxes (CBDT) / Tax Authorities**
**Impact**
The authorities must recognize these specific instruments as zero coupon bonds for the purposes of Section 2(112) of the Income-tax Act, 2025.
**Action Required**
Monitor the issuance to ensure it occurs within the stipulated timeframe and verify that the issuer fulfills all statutory conditions.
Key Entities Referenced
National Bank for Financing Infrastructure and Development: The institution authorized to issue ten-year zero coupon bonds as specified under the notification.
Income-tax Act, 2025: The primary legislation under which the Central Government exercises powers to specify bonds as zero coupon bonds.
Central Board of Direct Taxes (CBDT): The regulatory body within the Ministry of Finance responsible for issuing this notification regarding tax-related bond specifications.
Income-tax Rules, 2026: The specific rules that define the conditions and requirements for classifying the bonds as zero coupon bonds.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-17072026-274589
CG-DLxx-xEG-I1D7H0x7x2x0 26-274589
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 3772] नई दिल्ली, िुक्रिार, िुलाई 17, 2026/आषाढ 26, 1948
No. 3772] NEW DELHI, FRIDAY, JULY 17, 2026/ASHADHA 26, 1948
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल्ली, 17 िुलाई, 2026
(आयकर)
स.ं 89/ 2026-सीबीडीटी
का.आ. 3936(अ).— आयकर अजधजनयम, 2025 (2025 का 30) की धारा 2(112) के तहत प्रित्त िजियों का
प्रयोग करत े हुए, आयकर जनयम, 2026 के जनयम 7(5)(ख), (ग) और 7(8) के साथ पठित, केंद्र सरकार, एतद्द्वारा, उि
अजधजनयम की धारा 2(112) के प्रयोिनों के जलए जनम्नजलजखत ब्यौरे िाले बांड को िीरो कूपन बांड के रूप में जिजनर्िडष्ट
करती ह,ै यथा-
(क) बांड का नाम राष्ट्रीय अिसंरचना जित्तपोषण और जिकास बैंक का िस िषीय
िीरो कूपन बॉन्ड
(ख) बांड की समय अिजध िस िष ड
5469 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(ग) बांड िारी करने की समय साठरणी 31 माच,ड 2028 को या उससे पहले िारी दकया िाएगा
(घ) बांड की पठरपक्वता या मोचन पर भुगतान बीस हिार करोड़ रुपये।
की िाने िाली राजि
(ङ) छूट िस हिार िो सौ जछयानबे करोड़ बारह लाख रुपये।
(च) िारी दकए िाने िाल े बांडों की संख्या बीस लाख
2. यह अजधसूचना इन ितों के अधीन प्रभािी होगी दक राष्ट्रीय अिसंरचना जित्तपोषण और जिकास बैंक आयकर
अजधजनयम, 2025 और आयकर जनयम, 2026 म ें जनर्िष्टड ितों को पूरा करता ह।ै
[स.ं 89 /2026/फा. स.ं 164/1/2026-आईटीए-1]
हरिेि ससंह, अिर सजचि
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 17th July, 2026
(INCOME TAX)
No. 89 of 2026-CBDT
S.O. 3936(E).— In exercise of the powers conferred by section 2(112) of the Income-tax Act, 2025
(30 of 2025) read with rules 7(5)(b), (c) and 7(8) of the Income-tax Rules, 2026, the Central Government hereby
specifies the bond with the following particulars as zero coupon bond for the purposes of section 2(112) of the said Act,
namely :-
(a) Name of the bond Ten Year Zero Coupon Bond of the National Bank for
Financing Infrastructure and Development
(b) Period of life of the bond Ten years
(c) The time schedule for issue of the bond To be issued on or before the 31st day of March, 2028
(d) The amount to be paid on maturity or Twenty thousand crore rupees.
redemption of the bond
(e) The discount Ten thousand two hundred and nighty six crore twelve lakh
rupees.
(f) The number of bonds to be issued Twenty lakh
2. This notification shall be effective subject to the conditions that the National Bank for Financing Infrastructure
and Development fulfills the conditions as specified in the Income-tax Act, 2025 and Income-tax Rules, 2026.
[No. 89/2026/F. No. 164/1/2026-ITA-1]
HARDEV SINGH, Under Secy.
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.