Section 10(15) → Section 12
Interest on Tax-Free Bonds
Quick Answer
Section 10(15) of the Income Tax Act, 1961 (Interest on Tax-Free Bonds) corresponds to Section 12 of the Income-tax Act, 2025, effective 1st April 2026. Status: Retained.
What changed for Section 10(15)
In the 1961 statute, Section 10(15) deals with interest on tax-free bonds. Exempts interest on specific notified bonds (like NHAI, IRFC tax-free bonds).
Under the Income-tax Act, 2025 (effective 1st April 2026), Section 10(15) is retained and renumbered as Section 12 of the Income-tax Act, 2025. Retained. Continues to protect investors holding historical tax-free bonds.
The transition impact on Section 10(15) is assessed as Low. Niche but important for HNI portfolios.
Sec 10(15)
Provision Summary
Exempts interest on specific notified bonds (like NHAI, IRFC tax-free bonds).
Sec 12
Provision Summary
Retained. Continues to protect investors holding historical tax-free bonds.
Key Changes & Highlights
- No new mass issuances of such bonds; slowly becoming a sunset provision for secondary market only.
Related Sections
Frequently Asked Questions
Which subject does Section 10(15) of the 1961 Act cover?
Section 10(15) of the Income Tax Act, 1961 covers interest on tax-free bonds. Exempts interest on specific notified bonds (like NHAI, IRFC tax-free bonds).
What is the new section number for Section 10(15) under the Income-tax Act, 2025?
Section 10(15) of the Income Tax Act, 1961 maps to Section 12 of the Income-tax Act, 2025, effective 1st April 2026 (status: Retained). Retained. Continues to protect investors holding historical tax-free bonds.
How does the Income-tax Act, 2025 affect Section 10(15) in practice?
The transition impact for Section 10(15) is rated Low. Niche but important for HNI portfolios.
What is new about Section 10(15) under the Income-tax Act, 2025?
No new mass issuances of such bonds; slowly becoming a sunset provision for secondary market only. These points are specific to Section 10(15) (Interest on Tax-Free Bonds).
Disclaimer: This mapping of Section 10(15) (Interest on Tax-Free Bonds) to Section 12 of the Income-tax Act, 2025 is for educational and reference purposes only, based on publicly available drafts and circulars. As Section 10(15) is currently marked Retained, always confirm its treatment with a qualified Chartered Accountant before filing or making compliance decisions.
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