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 Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
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
What does Section 10(15) of the Income Tax Act 1961 deal with?
Section 10(15) (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 Direct Tax Code 2025?
Section 10(15) of the ITA 1961 maps to Section 12 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 10(15) under the new tax code?
Section 10(15) is marked as "Retained" with status "Active". Impact: Low - Niche but important for HNI portfolios.
What are the key changes to Section 10(15) under DTC 2025?
No new mass issuances of such bonds; slowly becoming a sunset provision for secondary market only.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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