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May 2010

Notification No. 24 vide F. No.164/02/-2008-ITA.I, dated 8-4-2010. — REC Bonds.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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Part A : Direct Taxes


22 Notification No. 24 vide F. No.164/02/-2008-ITA.I, dated
8-4-2010. — REC Bonds.

The Central Government has notified ten-year Deep Discount
Bond to be issued by Rural Electrification Corporation Limited (REC) by 31st
March 2011 as Zero Coupon Bonds for the purpose of S. 2(48) of the Income-tax
Act, 1961.

The Double Tax Avoidance Treaty and protocol signed between
Mexico and India on 10th September 2007 has been notified to be entered into
force on 1st February, 2010. The Treaty shall apply from 1st January, 2011 for
Mexico and from 1st April, 2011 for India.


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