From Year 2010-11 onwards one can invest in Tax Free Infrastructure bonds upto 20,000 and save tax under section 80CCF. This is valid for Year 2011 - 12 too.
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Saturday 31 December 2011
Friday 30 December 2011
Infra Bond Investments Limit it to Rs 20,000
Download Infrastructure Bond Applications
Anything more will only earn the coupon rate with yields lower than those of bank deposits
Every taxpayer, regardless of income level or tax bracket would do well to invest in the special infrastructure related bonds that can be availed under Section 80CCF. It offers a deduction over and above the ~1 lakh limit available under Section 80C deduction.
The finance minister (FM) had introduced a deduction of ~ 20,000 for investment under the section, in his budget speech of 2010. Issuers such as IDFC, IFCI, REC and L&T have since issued such bonds. Currently, the REC Long Term Infrastructure Bonds has opened since 19 December and is due to close on the 10 February 2012.
Investors have two options to invest in these bonds - one could either choose bonds with a 10 year maturity or with a 15 year maturity. For the 10 year maturity, the interest rate on offer is 8.95 per cent per annum (p.a) whereas it is 9.15 per cent p.a. for the series having a 15 year maturity. Similarly the minimum lock in period is 5 years and 7 years respectively for each series. In other words, though the term of the bonds is longer, there is an option to exit after five years and seven years respectively. After the lock in, the investor may exit either through the secondary market or through a buyback facility provided by the issuer. One may choose either the regular interest or the cumulative option.
Though one may invest an additional amount, the tax deduction would be applicable only to the extent of ~ 20,000. To be listed on the Bombay Stock Exchange (BSE) or National Stock Exchange (NSE) or both, the minimum application amount is fixed at ~ 5,000.
Extremely relevant in the case of these bonds are the provisions of the Direct Tax Code (DTC). The revised discussion paper on the DTC released by the Central Board of Direct Taxes (CBDT) specifically provides that any investments made, before the date of commencement of the DTC, in instruments which enjoy exempt-exempt exempt (EEE) method of taxation under the current law, would continue to be eligible for EEE method of tax treatment for the full duration of the financial instrument.
In other words, the exempt exempt-taxed (EET) regime of taxation would be applicable only prospectively. What this means is that since these 80CCF bonds are being issued before the DTC has been made operational, even if the maturity proceeds are received during the DTC regime, the same would continue to remain tax-free.
This has enormous implications for investors in terms of the effective return on the bonds. For example, though the nominal return for bonds is 8.95 per cent / 9.15 per cent p.a., the real effective rate is much higher. In case of individuals who fall in the 30.9 per cent tax bracket, the effective post-tax return for the 10 year bond is as high as 15.51 per cent p.a The corresponding rate for the 15 year bond works out to 13.38 per cent p.a.
This is primarily because of the tax deduction. Remember that the initial investment saves you tax. And since a penny saved is a penny earned, the saving in tax payable works akin to having invested that much lesser in the first place. For someone in the 30.9 per cent tax bracket, the tax outgo will be lower by ~. 6,180 (~. 20,000 x30.9 per cent). This jacks up the effective return. The accompanying table illustrates the effective returns per annum for different tax slabs.
However, a note of caution. In the past, for earlier bond issues of similar type, we have come across advertisements and promotions that declare higher returns than those arrived at using proper mathematical calculations. This is patently misleading. The rate of return is as mentioned in the article and that too this is the IRR that is something that emerges on account of the upfront tax deduction on invested capital. Without this deduction, the yield will be the same as the coupon rate that is 8.95 per cent or 9.15 per cent p.a. (as the case may be) before tax. In other words, for any investment over and above ~ 20,000 the investor stands to earn the coupon rate only - a bank deposit currently would yield a higher rate! However, to the extent of ~ 20,000, it is almost like saving tax and getting paid for it, regardless of which tax bracket the investor belongs to (obviously the higher the better). So go for it by all means.
Though there could be another issue before the end of the fiscal, its better not to risk waiting till the last minute. Interest rates in all probability have peaked and would be on a decline in the future. For example, the earlier Section 80CCF bond issue from L&T that just closed on 24 December, offered a marginally higher rate of 9 per cent p.a. for a ten year maturity.
So one can never say, for the next issue, the interest rate could be even lower than what is being offered currently.
Another notable point is that in all probability, this year is the limited window for these bonds. The DTC (as announced) has no room for Section 80CCF and consequently, this deduction may not be available next year.
At a time when there is a dearth of good fixed income avenues to invest in, these bonds with their high effective rate could prove to be extremely useful for the fixed income allocation in your portfolio. Moreover, as explained above, so long as the initial investment has been made before the advent of DTC, the maturity amount will continue to be tax-free even in the DTC regime. So do avail of this tax saving opportunity as long as it is made available.
Investors have two options to invest in infrastructure bonds —one could either choose bonds with a 10-yearmaturity or with a 15-year maturity
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Thursday 29 December 2011
Invest in Tax Fre Infrastructure Bonds
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Wednesday 28 December 2011
Disadvantages of Infrastructure Bonds
- Infrastructure Bonds do not offer any protection against high inflation since the rate of interest they offer is pre-determined.
- Against the pledging of the frastructure Bonds with a bank, one can borrow money from banks. The amount depends on the market value of the bond and the credit quality of the instrument.
- Moreover, it should be noted that although Infrastructure Bonds are considered to be safe, there is no assurance of getting the full investment back.
- Long Lock In period
- Lack of liquidity though they are listed on BSE and NSE
- Investor at low end of tax bracket may not benefit much
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Tuesday 27 December 2011
Apply for Infrastructure Bonds
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Monday 26 December 2011
India Infrastructure Finance Company to set up infra debt fund via mutual funds by Feb 2011
The India Infrastructure Finance Company (IIFCL) is planning to set up a $1-billion infrastructure debt fund through mutual fund route by the end of February 2012.
Such infrastructure debt funds (IDFs) are expected to address the long-term financing needs of infrastructure projects and fast-track them.
IIFCL Chairman and Managing Director S K Goel said Asian Development Bank and HSBC will contribute 25 per cent each to the fund. The remaining will come from IIFCL (26 per cent), IDBI Bank (14 per cent) and LIC (10 per cent).
IIFCL is looking for more foreign partners to sponsor the fund when its corpus increases. "Initial corpus is $1 billion but we can go on adding to it. One or two partners may not give a sizeable corpus. There is scope to expand it," said Goel.
An IDF can be set up as a trust or as a company. A trust based IDF is a mutual fund that issues units, while a company-based fund is in the form of a non-banking finance company (NBFC) issuing bonds. While mutual funds are regulated by Sebi, NBFCs are regulated by RBI.
The state-run infrastructure financing arm was planning to use NBFCs to launch the fund; but later opted for the mutual fund route because "Sebi guidelines are more flexible".
India
Finance Minister Pranab Mukherjee had, in the 2011-12 Budget, announced setting up of IDFs to accelerate and enhance the flow of long-term debt to infrastructure projects for funding the governments infrastructure development programmes.
Infrastructure projects, given their long pay-back period, require long-term financing to be sustainable and cost effective. However, banks, the main source of funding these projects, are unable to provide long-term funding given their asset-liability mismatch. Moreover, banks are also approaching their exposure limits.
Infrastructure debt funds are expected to provide long term low-cost debt for infrastructure projects by tapping into savings such as insurance and pension funds. By refinancing bank loans of projects, IDFs are expected to take over a fairly large volume of the bank debt that will release an equivalent volume for fresh lending to infrastructure projects. IDFs may also help accelerate the evolution of a secondary market for bonds, which is lacking depth.
Such infrastructure debt funds (IDFs) are expected to address the long-term financing needs of infrastructure projects and fast-track them.
IIFCL Chairman and Managing Director S K Goel said Asian Development Bank and HSBC will contribute 25 per cent each to the fund. The remaining will come from IIFCL (26 per cent), IDBI Bank (14 per cent) and LIC (10 per cent).
IIFCL is looking for more foreign partners to sponsor the fund when its corpus increases. "Initial corpus is $1 billion but we can go on adding to it. One or two partners may not give a sizeable corpus. There is scope to expand it," said Goel.
An IDF can be set up as a trust or as a company. A trust based IDF is a mutual fund that issues units, while a company-based fund is in the form of a non-banking finance company (NBFC) issuing bonds. While mutual funds are regulated by Sebi, NBFCs are regulated by RBI.
The state-run infrastructure financing arm was planning to use NBFCs to launch the fund; but later opted for the mutual fund route because "Sebi guidelines are more flexible".
Finance Minister Pranab Mukherjee had, in the 2011-12 Budget, announced setting up of IDFs to accelerate and enhance the flow of long-term debt to infrastructure projects for funding the governments infrastructure development programmes.
Infrastructure projects, given their long pay-back period, require long-term financing to be sustainable and cost effective. However, banks, the main source of funding these projects, are unable to provide long-term funding given their asset-liability mismatch. Moreover, banks are also approaching their exposure limits.
Infrastructure debt funds are expected to provide long term low-cost debt for infrastructure projects by tapping into savings such as insurance and pension funds. By refinancing bank loans of projects, IDFs are expected to take over a fairly large volume of the bank debt that will release an equivalent volume for fresh lending to infrastructure projects. IDFs may also help accelerate the evolution of a secondary market for bonds, which is lacking depth.
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Sunday 25 December 2011
Power Finance Corporation to launch tax-free bonds last week of December 2011
Taking advantage of falling yields, the Power Finance Corporation (PFC) would look to raise ~4,000 crore through tax-free infrastructure bonds in the last week of December. The power sector lender is mulling the coupon it would be offered in a falling interest rate scenario.
“Bonds with tenure of 10 and 15 years would be issued to the investors,” Satnam Singh, chairman and managing director.
The government-controlled non-banking financial company (NBFC) had earlier decided to issue the bonds in mid December. However, with the Reserve Bank ofIndia
“We have been zeroing in on the coupon we would offer. It should be 8.3-8.4 per cent. Now that government yields are falling, we are deciding on what to offer to our investors,” he said. The yields on 10-year government bonds have fallen to 8.32 per cent to 8.5 per cent since December 14.
The interest will be offered on an annual basis. PFC had raised ~967 crore via tax-free infrastructure bonds in the first tranche. The company can raise a total of ~5,000 crore through the instrument.
The lender is advertising for setting up a $1-billion private equity fund. “We have invited bids to set up the fund. The bids would be accepted till last week of January, after which, we would select the fund manager,” he said. The firm is looking for a domestic fund manager to set up a private equity fund to finance projects by way of equity financing.
“Bonds with tenure of 10 and 15 years would be issued to the investors,” Satnam Singh, chairman and managing director.
The government-controlled non-banking financial company (NBFC) had earlier decided to issue the bonds in mid December. However, with the Reserve Bank of
“We have been zeroing in on the coupon we would offer. It should be 8.3-8.4 per cent. Now that government yields are falling, we are deciding on what to offer to our investors,” he said. The yields on 10-year government bonds have fallen to 8.32 per cent to 8.5 per cent since December 14.
The interest will be offered on an annual basis. PFC had raised ~967 crore via tax-free infrastructure bonds in the first tranche. The company can raise a total of ~5,000 crore through the instrument.
The lender is advertising for setting up a $1-billion private equity fund. “We have invited bids to set up the fund. The bids would be accepted till last week of January, after which, we would select the fund manager,” he said. The firm is looking for a domestic fund manager to set up a private equity fund to finance projects by way of equity financing.
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Saturday 24 December 2011
IDFC Collects Rs 538.08 Crore through Infrastructure bond Tranche 1 in 2011
Infrastructure Development Finance Company received a total subscription amount of approximately around Rs 538.08 crore (provisional) from approximately 2.7 lakh investors (including resident Indian individuals and hindu undivided families) through the public issue of first tranche of long term infrastructure bonds with a face value of Rs 5,000 each in the form of secured, redeemable, non-convertible debentures, having benefits under section 80CCF of the Income Tax Act, 1961.
The company is making a public issue of bonds for an aggregate amount not exceeding Rs 5,000 crore for FY 2012 under the shelf prospectus dated September 29, 2011 filed with the registrar of companies, Tamil Nadu, stock exchanges and the Securities and Exchange Board of India (SEBI) on September 29, 2011 and the respective tranche prospectus.
The first tranche of bonds are being issued by the company on the terms set out in the shelf prospectus and the prospectus – tranche 1 filed with the ROC on November 11, 2011. The subscription amount collected through issue of the Tranche 1 Bonds for FY 2012 is approximately 14% more than the corresponding subscription amount collected through the issue of first tranche of the tax-saving long term infrastructure bonds in November, 2010, for FY 2011.
The issue of tranche 1 bonds opened for subscription on November 21, 2011, and closed on December 16, 2011, (earliest closing date) as decided by the Board of the Company. The tranche 1 bonds were issued in two series (Series 1 tranche 1 bonds carrying annual interest payments whereas series 2 tranche 2 bonds carrying cumulative interest payments) and carried an interest rate of 9% per annum.
The Tranche 1 Bonds have been rated as (ICRA) AAA by ICRA and Fitch AAA (Ind
In June 2010, IDFC got the Infrastructure Finance Company (IFC) status within the NBFC category from the Reserve Bank of The Company had successfully raised Rs. 1,451 crore from over 7.3 lakh retail investors through the issue of the long-term infrastructure bonds in Fiscal 2010-11.
The lead managers to the issue are ICICI Securities Limited, JM Financial Consultants Private Limited, Karvy Investor Services Limited, Kotak Mahindra Capital Company Limited and IDFC Capital Limited. The co-lead managers to the issue are Bajaj Capital Limited, RR Investors Capital Services Private Limited and SMC Capitals Limited. The registrar to the issue is Karvy Computershare Private Limited.
The company is making a public issue of bonds for an aggregate amount not exceeding Rs 5,000 crore for FY 2012 under the shelf prospectus dated September 29, 2011 filed with the registrar of companies, Tamil Nadu, stock exchanges and the Securities and Exchange Board of India (SEBI) on September 29, 2011 and the respective tranche prospectus.
The first tranche of bonds are being issued by the company on the terms set out in the shelf prospectus and the prospectus – tranche 1 filed with the ROC on November 11, 2011. The subscription amount collected through issue of the Tranche 1 Bonds for FY 2012 is approximately 14% more than the corresponding subscription amount collected through the issue of first tranche of the tax-saving long term infrastructure bonds in November, 2010, for FY 2011.
The issue of tranche 1 bonds opened for subscription on November 21, 2011, and closed on December 16, 2011, (earliest closing date) as decided by the Board of the Company. The tranche 1 bonds were issued in two series (Series 1 tranche 1 bonds carrying annual interest payments whereas series 2 tranche 2 bonds carrying cumulative interest payments) and carried an interest rate of 9% per annum.
The Tranche 1 Bonds have been rated as (ICRA) AAA by ICRA and Fitch AAA (
In June 2010, IDFC got the Infrastructure Finance Company (IFC) status within the NBFC category from the Reserve Bank of The Company had successfully raised Rs. 1,451 crore from over 7.3 lakh retail investors through the issue of the long-term infrastructure bonds in Fiscal 2010-11.
The lead managers to the issue are ICICI Securities Limited, JM Financial Consultants Private Limited, Karvy Investor Services Limited, Kotak Mahindra Capital Company Limited and IDFC Capital Limited. The co-lead managers to the issue are Bajaj Capital Limited, RR Investors Capital Services Private Limited and SMC Capitals Limited. The registrar to the issue is Karvy Computershare Private Limited.
Friday 23 December 2011
Long term Infra bonds are good to get extra tax break, but not beyond that…..
INVESTING in the equity markets is not an attractive option anymore for the average investor or even the biggest investors, who are failing to predict the way the market will move. Thankfully, there are a number of investment options that are available now, promising attractive returns for retail investors. There are two infrastructure bond issues that are open for investment at present, a non-convertible debenture (NCD) issue, which will be available for investment soon, and a number of interesting corporate fixed deposit schemes that one can choose from.
These tax saving infrastructure bonds also help the investor claim a tax exemption of Rs 2,060-6,180, depending on the tax slab of the investor.
Shortcomings: The tax benefit can be availed only for the first year of investment, despite the scheme having a minimum lock-in period of five years. Additionally, the tax benefit is available only up to an investment of Rs 20,000. Any investment above that would still fetch the same level of income tax For those in the 30 per cent tax bracket and have already exhausted the limit of Rs 100,000 under section 80C, it makes sense to invest Rs 20,000 in these bonds because it would result in savings of Rs 6,000.
Non-convertible debenture (NCD) issues
Many non-banking financial companies (NBFCs) like Muthoot Finance, Manappuram Finance and Shriram Transport Finance raised funds through NCD issues recently, offering attractive interest rates of 11.50-12 per cent. Muthooot Finance plans to soon hit the market with another round of NCD issue with an interest of more than 12 per cent and many NBFCs are also expected to follow.
Shortcomings: Though the returns are attractive, there is no tax benefit from investing in an NCD issue. Financial planners also advise investors to check the credentials of the companies and the ratings given by rating agencies for the issue, to ensure that the investment is safe.
Corporate fixed deposits
While banks offer interest rates of 9-10.50 per cent on fixed deposits, NBFCs and companies offer fixed deposit schemes with much higher interest rates. For in stance, Mahindra Finance promises an interest of 12.21 per cent (12.58 per cent for senior citizens) on fixed deposits with a five-year tenure.
Shortcomings: Fixed deposits, too, have no tax benefits. The investor should check the rating of the issue and study the past history of the company to ensure that the investment is safe, experts say.
Public Provident Fund (PPF)
After the maximum investment amount has been raised to Rs 100,000 and a higher post-tax returns of 8.6 per cent, PPF has become very attractive.
Being a government controlled instrument, it is absolutely secure.
The investments made in PPF are eligible for tax deduction under section 80C of an individual income tax return.
Shortcoming: PPFs have a minimum lock in period of 15 years. These are ideal instruments for a long-term investor.
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Thursday 22 December 2011
Infrastructure Bond Application Forms
Application form for Applying for Tax Saving Long Term Infrastructure Bond
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Wednesday 21 December 2011
L&T Infra Bonds closes for subscription on 24 December 2011
Application form for Applying for Tax Saving Long Term Infrastructure Bond
Investors looking for tax-saving options under Section 80CCF have one more option: L&T Infrastructure Bonds. Infrastructure bonds were introduced in 2010 to give a boost to the infrastructure segment as well as provide an opportunity for individual tax payers to reduce their tax liability. Investors can invest up to . 20,000 in such bonds and avail of tax benefits. The issue closes for subscription on December 24.
The face value of each bond is . 1,000. Investors can apply for a minimum of five bonds and in multiples of one bond thereafter. Investors can subscribe to these bonds in either the physical or demat form. There are two series on offer. In Series 1, the interest rate is 9% payable annually, while in Series 2, the interest rate is 9% but compounded annually payable at the end of maturity. The maturity is 10 years from the deemed date of allotment. The bonds will be locked in for five years from the date of allotment. The issuer offeres bondholders three exit options: buybacks after five years, or seven years, and 10 years which is at the time of redemption. In addition, once the lock-in period of five years is over, the bonds shall be listed on the BSE.
An investment of . 20,000 would fetch a tax exemption of . 2,060 (if your tax rate is 10.3%), . 4,120 (if your tax rate is 20.6%) and . 6,180 (if your tax rate is 30.9%) maximum.
L&T Infrastructure Finance Company, the issuer of the bonds, boasts of a good pedigree. It is reflected in the credit ratings of ‘CARE AA+’ by CARE and ‘[ICRA] AA+’ by ICRA, indicating high safety for timely servicing of debt obligations. Also, the tax benefit on . 20,000 per annum is in addition to the benefits available under sections 80C, 80CCC and 80CCD.
The bonds are locked in for five years. If you need funds in the interim period, you cannot even pledge or hypothecate these bonds, and there is no exit.
Application form for Applying for Tax Saving Long Term Infrastructure Bond
Tuesday 20 December 2011
L&T Infra Finance tax free infrastructure bond open - Long Term Infrastructure Bonds Tranche 1 Nov 2011
L&T Infra Finance, a unit of Larsen & Toubro, launched the first tranche of its Rs 1,100 crore long-term infrastructure bonds in two series with 9 per cent coupon rate.
The bond issue is aimed at retail investors, who can subscribe to a minimum of five bonds and in multiples of one bond, thereafter.
Each bond would have a face value of Rs 1,000. The bonds will have a maturity of 10 years and a lock-in period of five years, with a buyback option after the fifth year and the seventh year from the date of issue, the company said.
The bonds will be listed on the Bombay Stock Exchange (BSE) and investors can exit the bonds in the secondary market after the completion of the lock-in period.
The issue will open on November 25 and close on December 24.
The bonds are secured, redeemable, non-convertible debentures having benefits under the section 80 CCF of the Income Tax Act, 1961. As per the terms of the CCF, an amount not exceeding Rs 20,000 per annum, shall be deducted from the taxable income and would be over and above the Rs 1,00,000 deduction that is given under 80C of the Income Tax Act.
The bonds would be issued in the dematerialised format and investors can even buy it in physical format if they don't have a PAN card or demat account.
In the second year of its launch, infrastructure bonds have attracted the attention of retail investors and companies alike, with a host of launches that began in September by IFCI, followed by PFC and IDFC.
Last year, L&T raised around Rs 456 crore, while IDFC raised around Rs 1,400 crore.
The lead managers to the L&T Infra bonds are ICICI Securities, JM Financial Services, and Karvy Investor Services.
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You can download the Infrastructure Bond applications below:
https://sites.google.com/site/infrabondapplications/
Download L&T Long Term Infrastructure Bond Tranche 1 Application Form
You can download the Infrastructure Bond applications below:
https://sites.google.com/site/infrabondapplications/
https://sites.google.com/site/infrabondapplications/
Monday 19 December 2011
Section 80 CCF Tax Saver Infrastructure Bonds for 2011 - 2012
Following issues are expected this year:
1. LIC Infrastructure bonds
2. PFC Infrastructure bonds
3. IDFC Infrastructure bonds
4. L & T Infrastructure bonds
5. IIFCL Infrastructure bonds
6. PTC FINANCIAL SERVICES
7. REC Infrastructure bonds
8. IFCI Infrastructure bonds
Download application forms for L&T and IDFC Infrastructure Bonds for year 2011 – 2012.
1. LIC Infrastructure bonds
2. PFC Infrastructure bonds
3. IDFC Infrastructure bonds
4. L & T Infrastructure bonds
5. IIFCL Infrastructure bonds
6. PTC FINANCIAL SERVICES
7. REC Infrastructure bonds
8. IFCI Infrastructure bonds
Download application forms for L&T and IDFC Infrastructure Bonds for year 2011 – 2012.
Sunday 18 December 2011
About Tax Free Infrastructure Bonds Returns
Infrastructure bonds are offered by infrastructure finance companies, with prior approval of Govt. Of India. To promote the infrastructure growth , govt have offered investors tax benefit max upto Rs.20,000/-.
Capital raised under these issue is used in infrastructure development projects like projects of National Highways, power plant projects like thermal, hydroelectric power plants and other infrastructure projects.
This product offers investors saving as well as tax bachat.Its only product available in 80ccf section unlike crowded section 80C.
Investor in 30% tax bracket saves a tax of Rs.6000+Service tax + Ed sess = Rs.6,600/- .
If we consider an average rate of 8.30% per annum, calculation is as shown in the following table.
Capital raised under these issue is used in infrastructure development projects like projects of National Highways, power plant projects like thermal, hydroelectric power plants and other infrastructure projects.
This product offers investors saving as well as tax bachat.Its only product available in 80ccf section unlike crowded section 80C.
Investor in 30% tax bracket saves a tax of Rs.6000+Service tax + Ed sess = Rs.6,600/- .
If we consider an average rate of 8.30% per annum, calculation is as shown in the following table.
Capital Invested Rs.(A) | Tax Bracket | Tax Saved(ST + Cess) (B) | Effective amount invested(A-B) | Maturity value Rs. | Effective Interest rate Compounded pa |
20,000 | 30% | 6,600 | 13,400 | 29,800 | 17% |
20,000 | 20% | 4,400 | 15,600 | 29,800 | 13.8% |
20,000 | 10% | 2,200 | 17,800 | 29,800 | 10.80 |
Though interest earned is taxable, all the debt products whether bank deposits, company deposits, debt funds get the same tax treatment and income is taxable in each case.
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Saturday 17 December 2011
Rs 14,000 Crore worth of tax free bonds coming soon from NHAI , PFC
NHAI, PFC file prospectuses, coupon rate not yet decided
The National Highway Authority of India (NHAI) and Power Finance Corporation (PFC) are offering Rs 10,000 crore and Rs 4,033.13 crore worth of tax-free bonds, respectively, as per prospectuses filed with the Securities and Exchange Board of India (Sebi).
Of a Rs 5,000 crore issue by PFC, Rs 966.87 crore has already been raised through private placement on September 28 and November 1.
Tax-free bonds give investors tax-free return on any amount invested. In another kind of bonds, the long-term infrastructure bonds, investments up to Rs 20,000 are tax exempt, that is this cap amount can be deducted from the taxable income.
Accordingly, the NHAI prospectus has clarified that only the amount of interest from -and not the actual investment on -its new bonds will be tax-free.
"NHAI's public issue of tax-free nonconvertible bonds of face value of Rs 1,000 each is in the nature of debentures having tax benefits under section 10(15) (iv) (h) of the Income-Tax Act, 1961," the prospectus said.
The coupon rate for these bonds is yet to be fixed. The bonds will have two maturity tenures of 10 years and 15 years.
The coupon rate for these tax free bonds will be nearly 8.5 per cent, a merchant banker handling the issue said.
The NHAI issue has already got AAA rating from three agencies Crisil, CARE and Fitch. The PFC bonds are also rated AAA by Crisil and Icra.
Bond tale NHAI clarified the interest from its new bonds will be tax-free Tax-free bonds give investors tax-free return on any amount invested The bonds will have two maturity tenures of 10 years and 15 years
MORE debt investment options have opened up for investors with AAA rated tax-free bonds worth over Rs 14,000 crore lined up.
Of a Rs 5,000 crore issue by PFC, Rs 966.87 crore has already been raised through private placement on September 28 and November 1.
Tax-free bonds give investors tax-free return on any amount invested. In another kind of bonds, the long-term infrastructure bonds, investments up to Rs 20,000 are tax exempt, that is this cap amount can be deducted from the taxable income.
Accordingly, the NHAI prospectus has clarified that only the amount of interest from -and not the actual investment on -its new bonds will be tax-free.
"NHAI's public issue of tax-free nonconvertible bonds of face value of Rs 1,000 each is in the nature of debentures having tax benefits under section 10(15) (iv) (h) of the Income-Tax Act, 1961," the prospectus said.
The coupon rate for these bonds is yet to be fixed. The bonds will have two maturity tenures of 10 years and 15 years.
The coupon rate for these tax free bonds will be nearly 8.5 per cent, a merchant banker handling the issue said.
The NHAI issue has already got AAA rating from three agencies Crisil, CARE and Fitch. The PFC bonds are also rated AAA by Crisil and Icra.
NHAI's issue was earlier slated to hit the market early in December but may take a few more weeks, according to merchant bankers. PFC filed the prospectus last week.
Bond tale NHAI clarified the interest from its new bonds will be tax-free Tax-free bonds give investors tax-free return on any amount invested The bonds will have two maturity tenures of 10 years and 15 years
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Thursday 15 December 2011
Income tax Section 80CCF - A Tax saving Scheme that has Buyback Option IDFC Infra Bonds
IDFC has come out with a public issue of long-term infrastructure bonds in the form of secured redeemable non-convertible debentures. Investments of up to . 20,000 in these infrastructure bonds are eligible for tax exemption under section 80CCF. This is in addition to the . 1 lakh limit available under Section 80C, 80CCC and section 80CCD of the Income-Tax Act. The issue is currently open and will close for subscription on December 16.
The bonds on offer have two investment options. While series 1 carries a 9% coupon, payable annually, series 2 is a cumulative option where 9% will be paid compounded annually. The face value of each bond is . 5,000 and one can apply for a minimum of two bonds. The bonds have a lock-in period of five years. At the end of five years, you can sell the bonds on NSE. Also, there is a buyback facility available. Investors can subscribe to these bonds in either the physical form or in demat form.
An investment of . 20,000 would fetch a tax exemption of . 2,060 if your tax rate is 10.3%, . 4,120 (if your tax rate is 20.6%) and . 6,180 (if your tax rate is 30.9%).
These bonds have got the highest credit rating of AAA from both ICRA and Fitch. The investment limit of . 20,000 per annum for tax benefits in these bonds is in addition to that available under Section 80C, 80CCC and 80CCD.
You can't exit these bonds before five years because of the mandatory lock-in period.
The bonds on offer have two investment options. While series 1 carries a 9% coupon, payable annually, series 2 is a cumulative option where 9% will be paid compounded annually. The face value of each bond is . 5,000 and one can apply for a minimum of two bonds. The bonds have a lock-in period of five years. At the end of five years, you can sell the bonds on NSE. Also, there is a buyback facility available. Investors can subscribe to these bonds in either the physical form or in demat form.
An investment of . 20,000 would fetch a tax exemption of . 2,060 if your tax rate is 10.3%, . 4,120 (if your tax rate is 20.6%) and . 6,180 (if your tax rate is 30.9%).
These bonds have got the highest credit rating of AAA from both ICRA and Fitch. The investment limit of . 20,000 per annum for tax benefits in these bonds is in addition to that available under Section 80C, 80CCC and 80CCD.
You can't exit these bonds before five years because of the mandatory lock-in period.
-------------------------------------------------------------
Download Section 80CCF Tax Saving IDFC Infrastructure Bonds Application Form
Download Section 80CCF Tax Saving L&T Infrastructure Bonds Application Form
Find a collection canter:
Wednesday 14 December 2011
IDFC Infrastructure Bonds
IT'S that time of the year when employees have to make a declaration of investments, both under Section 80C and 80 CCF, to their companies. Tax payers will get additional benefits of 20,000 under Section 80CCF. This benefit, which was introduced last year, is only for infrastructure bonds.
So, Infrastructure Development Finance Corporation (IDFC) issue of infrastructure bonds, which were launched today, has timed things perfectly for the employees. It is offering an annual return of nine per cent per bond with a maturity of 10 years. The minimum investment required is 10,000 (two bonds of face value `5,000 each). And, investors can receive the bond papers in either physical form or demat. There may be more issues from other companies, too.
However, experts said that unlike last year, the rates offered may not climb steadily with each issuance (the rates rose from 7.5 to eight to 8.25 per cent over the three tranches announced by IDFC in October 2010, January and February, 2011, respectively).
The returns from these are benchmarked against the 10-year government securities yield. Given the uncertain interest rate environment, it is difficult to predict the rate movement and whether subsequent rates for any issues will be higher.
By and Large, Interest rates are likely to remain stable in the near term. Even in the long term, these are not likely to rise much.
Considering the relatively small amount of investment, financial planners feel those in the highest tax bracket can invest funds right away. Others can exhaust the other tax-saving avenues first and then turn towards this, though not later than January
INTEREST PAYOUT:
One can choose from an annual or cumulative interest payout. In the case of latter, the interest will be compounded annually and on maturity one will receive `11,840 per bond. Say, you invest `20,000. In case, you opt for the cumulative option, you will get `47,360, a pre-tax return of 27,360. However, if you choose the annual interest payout option, you will get 1,800 yearly, a total of `18,000 over the 10-year period.
The option chosen will depend on ones cash requirement. However, at 1,800 annually, financial advisors deem the amount low. They feel investors may be better off with the cumulative option.
TAXATION:
These long-term bonds allow individuals to claim up to `20,000 as deduction under Section 80CCF, in addition to the regular section 80C limit of `1lakh. However, the interest earned on the bonds is added to your income and taxed according to the slab.
Any investment in excess of the 20,000 limit does not make sense. Reasons: One will get higher rates from other debt products like fixed deposits, and for lesser maturity periods. For instance, SBI offers a 9.25 per cent return on one- to ten-year deposit.
EXIT ROUTES:
So, Infrastructure Development Finance Corporation (IDFC) issue of infrastructure bonds, which were launched today, has timed things perfectly for the employees. It is offering an annual return of nine per cent per bond with a maturity of 10 years. The minimum investment required is 10,000 (two bonds of face value `5,000 each). And, investors can receive the bond papers in either physical form or demat. There may be more issues from other companies, too.
However, experts said that unlike last year, the rates offered may not climb steadily with each issuance (the rates rose from 7.5 to eight to 8.25 per cent over the three tranches announced by IDFC in October 2010, January and February, 2011, respectively).
The returns from these are benchmarked against the 10-year government securities yield. Given the uncertain interest rate environment, it is difficult to predict the rate movement and whether subsequent rates for any issues will be higher.
By and Large, Interest rates are likely to remain stable in the near term. Even in the long term, these are not likely to rise much.
Considering the relatively small amount of investment, financial planners feel those in the highest tax bracket can invest funds right away. Others can exhaust the other tax-saving avenues first and then turn towards this, though not later than January
INTEREST PAYOUT:
One can choose from an annual or cumulative interest payout. In the case of latter, the interest will be compounded annually and on maturity one will receive `11,840 per bond. Say, you invest `20,000. In case, you opt for the cumulative option, you will get `47,360, a pre-tax return of 27,360. However, if you choose the annual interest payout option, you will get 1,800 yearly, a total of `18,000 over the 10-year period.
The option chosen will depend on ones cash requirement. However, at 1,800 annually, financial advisors deem the amount low. They feel investors may be better off with the cumulative option.
TAXATION:
These long-term bonds allow individuals to claim up to `20,000 as deduction under Section 80CCF, in addition to the regular section 80C limit of `1lakh. However, the interest earned on the bonds is added to your income and taxed according to the slab.
Any investment in excess of the 20,000 limit does not make sense. Reasons: One will get higher rates from other debt products like fixed deposits, and for lesser maturity periods. For instance, SBI offers a 9.25 per cent return on one- to ten-year deposit.
EXIT ROUTES:
There is a lock-in of five years. Investors looking for an exit can opt for a buyback after that. However, they must intimate the company six-nine months prior to the buyback date, to be able to exercise the option. After the lock in period, the bonds will be listed on the stock exchanges, providing a second exit route. However, There isn't much liquidity in this space, as bonds are not traded regularly. If one wishes to exit the investment, a buyback may serve the purpose better. The current issue is open from November 21 to December 16.
Download Section 80CCF Tax Saving IDFC Infrastructure Bonds Application Form
Download Section 80CCF Tax Saving L&T Infrastructure Bonds Application Form
IDFC Section 80CCF Tax Saving Infrastructure Bonds
IDFC has launched their Section 80CCF infrastructure bonds, and these come with a slightly higher interest rate than the other bonds that have been released so far.
They carry a 9% annual interest rate, and IDFC has simplified the issue a little bit by having the option with only one maturity – that of ten years.
Like, the other 80CCF bonds, these will have the the annual interest payment or the cumulative option, and a buyback option after 5 years.
The issue opens on November 21, 2011 and closes on December 16, 2011. In the past they have appeared on online platforms like ICICI Direct and Edelweiss, so that's one way to buy them, or as Austere suggested you can print the forms online and submit it in one of the collection centers.
Here are some other details about the bonds:
After the lock in period of 5 years, the bond will list on the NSE and BSE.
For whatever it's worth the issue is rated highly by ICRA and Fitch – both of them rated the issue AAA. To me, it doesn't make a lot of sense to apply anything more than Rs. 20,000 and that too only on one of these 80CCF bonds, so if you have applied for something already then you are better off investing your money in any other bank fixed deposit which doesn't have any lock in period and will have a slightly higher interest rate also.
A new question that I see appear a few times with respect to these bonds is if you need to buy it every year to get the tax benefit. I think the source of that question is the confusion between the tax benefit.
Please be cognizant of the fact that the interest is not tax free. The interest will be taxable every year, but the way you get the tax benefit is that the value of bonds that you buy gets reduced from your taxable salary, and that means you have to pay less tax.
The other question that I saw today was would you have to pay tax if you exercised the buyback and the answer to that is that buyback doesn't affect how the bond is taxed.
You can download the Infrastructure Bond applications below:
https://sites.google.com/site/infrabondapplications/
They carry a 9% annual interest rate, and IDFC has simplified the issue a little bit by having the option with only one maturity – that of ten years.
Like, the other 80CCF bonds, these will have the the annual interest payment or the cumulative option, and a buyback option after 5 years.
The issue opens on November 21, 2011 and closes on December 16, 2011. In the past they have appeared on online platforms like ICICI Direct and Edelweiss, so that's one way to buy them, or as Austere suggested you can print the forms online and submit it in one of the collection centers.
Here are some other details about the bonds:
Series | 1 | 2 |
Interest Rate | 9% | Cumulative but effectively 9% |
Maturity Period | 10 years | 10 years |
Buyback Option | 5 years | 5 years |
Buyback Amount | 5,000 | 7,695 |
Maturity Amount | 5,000 | 11,840 |
After the lock in period of 5 years, the bond will list on the NSE and BSE.
For whatever it's worth the issue is rated highly by ICRA and Fitch – both of them rated the issue AAA. To me, it doesn't make a lot of sense to apply anything more than Rs. 20,000 and that too only on one of these 80CCF bonds, so if you have applied for something already then you are better off investing your money in any other bank fixed deposit which doesn't have any lock in period and will have a slightly higher interest rate also.
A new question that I see appear a few times with respect to these bonds is if you need to buy it every year to get the tax benefit. I think the source of that question is the confusion between the tax benefit.
Please be cognizant of the fact that the interest is not tax free. The interest will be taxable every year, but the way you get the tax benefit is that the value of bonds that you buy gets reduced from your taxable salary, and that means you have to pay less tax.
The other question that I saw today was would you have to pay tax if you exercised the buyback and the answer to that is that buyback doesn't affect how the bond is taxed.
If you took the annual interest option then the interest will be taxed every year, and if you took the cumulative option then you will be taxed capital gains. The face value of the bond will not be taxed.
https://sites.google.com/site/infrabondapplications/
Tuesday 13 December 2011
IDFC Infrastructure Bonds Tranche 1 Tax Saving Long Term Infrastructure Bonds 2011-12 Tax Benefit U/s 80CCF
IDFC Infrastructure Bonds Tranche 1
Tax Saving Long Term Infrastructure Bonds 2011-12
Closes on 16th Dec 2011
1] IDFC Infrastructure Bond Application Form
2] List of Banks to submit your IDFC Infra Bond Application Form
Company Profile:
IDFC has been sponsored by the Government of India as a key institution to facilitate infrastructure development in the country. The focus areas for IDFC continue to be the Energy, Telecom, Industrial & Commercial Transportation sectors, although the company is also targeting the Healthcare, Education and urban Infrastructure sectors. IDFC also works with state and national level entities to formulate policies aimed at expediting infrastructure development in the country. Recently, IDFC has been classified as an infrastructure NBFC.
IDFC is a leading knowledge-driven financial services company in India and plays a central role in advancing infrastructure development in the country. IDFC is a one-stop-shop for all products and services across the infrastructure value chain. Established in 1997 as a private sector enterprise by a consortium of public and private investors, the Company listed its Equity Shares in India pursuant to an initial public offering in August 2005.
Financial Performance
IDFC has been Diversifying from infrastructure loan lending business to other sectors. These new sectors are expected to be the growth drivers in the future. The company has continued its strong growth during the FY 2010-11.
Balance sheet size:Rs.47,554 Crs.
Total Income: Rs.4,560 Crs.
Profit Before Tax Rs 1,730 Crs
Profit After Tax Rs.1,277 Crs.
Dividend:20%.
SUMMARY of ISSUE
Issuer Infrastructure Development Finance Company Ltd
Issue Opens on 21st Nov 2011Issue Closes on 16th Dec 2011Mode of Interest Payment / Redemption through ECS/At Par Cheques/Demand Drafts
Face Value per Tranche 1 Bond Rs.5,000/-
Issue Price per Tranche 1 Bond Rs. 5,000
Issuance Physical & Dematerialised mode
TDS No TDS on interest payment
Rating: "(ICRA)AAA" from ICRA, "Fitch AAA(ind)" from Fitch
Eligible Investors: Resident Indian Individuals and HUF through Karta
Tax Benefit: Benefits U/s 80CCF of the Income Tax, 1961 for Long Term Infrastructure Bonds
Listing: on NSE and BSE
Security: First pari passu floating charge over the Secured Assets and fixed specified immovable properties of the Company.
Options Series I Series II
Frequency of Interest Payment Annual Cumulative
Tenor 10 years 10 years
Face Value Rs./Bond Rs. 5,000/- Rs. 5,000/-
Coupon (% p.a.)/ Interest Rate 9% p.a. 9% p.a . (Compounding Annually)
Lock-in period from the deemed date of Allotment 5 years 5 years
Buyback Option(pre-mature withdrawal) Yes
At the end of Year 5 Rs.5,000/- Rs.7,695/-
Maturity Amount per Tranche 1 Bond, At the end of Year 10 Rs. 5,000/- Rs.11,840/-
The issuer would have the right to pre-close the issue or extend the closing date by giving 1 day notice to the Arrangers.
Bonds are on 1st come 1st serve basis.
Instruction:-
Attach following document along with the application form : -
1] PAN Card Photo Copy attested by you,
2] Address Proof photocopy attested by you.
3] One cancelled cheque/copy of cheque (for ECS)
4] Cheque / DD should be drawn in favour of "----------"
5] Issue closes on 16th Dec 2011.
6] Keep photocopy of application form for your record.
7] Before submitting the form, take unique Form No (serial No) from us.
8] Submit / deposit your Infra Bond application form in Listed/ Design Bank Branches.
9] To track your application form or status of your application form, send us the soft copy Application Form/ Acknowledgement Slip.
10] The Acknowledgement copy will suffice your taxation purpose.
11] The actual bond certificate will be send by post within 8-12 weeks time form date of allotment.
12] Free Home Service is available in Pune Area.(Min Investment Rs. 20,000/-)
https://sites.google.com/site/infrabondapplications/home/IDFC-Infrastructure-Bond-Application-Forms
Download Section 80CCF Tax Saving L&T Long Term Infrastructure Bonds Application Form
https://sites.google.com/site/infrabondapplications/home/l-t-long-term-infrastructure-bond-for-year-2011---2012
Tax Saving Long Term Infrastructure Bonds 2011-12
Closes on 16th Dec 2011
1] IDFC Infrastructure Bond Application Form
2] List of Banks to submit your IDFC Infra Bond Application Form
Company Profile:
IDFC has been sponsored by the Government of India as a key institution to facilitate infrastructure development in the country. The focus areas for IDFC continue to be the Energy, Telecom, Industrial & Commercial Transportation sectors, although the company is also targeting the Healthcare, Education and urban Infrastructure sectors. IDFC also works with state and national level entities to formulate policies aimed at expediting infrastructure development in the country. Recently, IDFC has been classified as an infrastructure NBFC.
IDFC is a leading knowledge-driven financial services company in India and plays a central role in advancing infrastructure development in the country. IDFC is a one-stop-shop for all products and services across the infrastructure value chain. Established in 1997 as a private sector enterprise by a consortium of public and private investors, the Company listed its Equity Shares in India pursuant to an initial public offering in August 2005.
Financial Performance
IDFC has been Diversifying from infrastructure loan lending business to other sectors. These new sectors are expected to be the growth drivers in the future. The company has continued its strong growth during the FY 2010-11.
Balance sheet size:Rs.47,554 Crs.
Total Income: Rs.4,560 Crs.
Profit Before Tax Rs 1,730 Crs
Profit After Tax Rs.1,277 Crs.
Dividend:20%.
SUMMARY of ISSUE
Issuer Infrastructure Development Finance Company Ltd
Issue Opens on 21st Nov 2011Issue Closes on 16th Dec 2011Mode of Interest Payment / Redemption through ECS/At Par Cheques/Demand Drafts
Face Value per Tranche 1 Bond Rs.5,000/-
Issue Price per Tranche 1 Bond Rs. 5,000
Issuance Physical & Dematerialised mode
TDS No TDS on interest payment
Rating: "(ICRA)AAA" from ICRA, "Fitch AAA(ind)" from Fitch
Eligible Investors: Resident Indian Individuals and HUF through Karta
Tax Benefit: Benefits U/s 80CCF of the Income Tax, 1961 for Long Term Infrastructure Bonds
Listing: on NSE and BSE
Security: First pari passu floating charge over the Secured Assets and fixed specified immovable properties of the Company.
Options Series I Series II
Frequency of Interest Payment Annual Cumulative
Tenor 10 years 10 years
Face Value Rs./Bond Rs. 5,000/- Rs. 5,000/-
Coupon (% p.a.)/ Interest Rate 9% p.a. 9% p.a . (Compounding Annually)
Lock-in period from the deemed date of Allotment 5 years 5 years
Buyback Option(pre-mature withdrawal) Yes
At the end of Year 5 Rs.5,000/- Rs.7,695/-
Maturity Amount per Tranche 1 Bond, At the end of Year 10 Rs. 5,000/- Rs.11,840/-
The issuer would have the right to pre-close the issue or extend the closing date by giving 1 day notice to the Arrangers.
Bonds are on 1st come 1st serve basis.
Instruction:-
Attach following document along with the application form : -
1] PAN Card Photo Copy attested by you,
2] Address Proof photocopy attested by you.
3] One cancelled cheque/copy of cheque (for ECS)
4] Cheque / DD should be drawn in favour of "----------"
5] Issue closes on 16th Dec 2011.
6] Keep photocopy of application form for your record.
7] Before submitting the form, take unique Form No (serial No) from us.
8] Submit / deposit your Infra Bond application form in Listed/ Design Bank Branches.
9] To track your application form or status of your application form, send us the soft copy Application Form/ Acknowledgement Slip.
10] The Acknowledgement copy will suffice your taxation purpose.
11] The actual bond certificate will be send by post within 8-12 weeks time form date of allotment.
12] Free Home Service is available in Pune Area.(Min Investment Rs. 20,000/-)
Download Section 80CCF Tax Saving IDFC Long Term Infrastructure Bonds Application Form
https://sites.google.com/site/infrabondapplications/home/IDFC-Infrastructure-Bond-Application-Forms
Download Section 80CCF Tax Saving L&T Long Term Infrastructure Bonds Application Form
https://sites.google.com/site/infrabondapplications/home/l-t-long-term-infrastructure-bond-for-year-2011---2012
Find a collection canter:
Monday 12 December 2011
Download IDFC Long Term Infrastructure Bond Tranche 1 Application Form
You can download the Infrastructure Bond applications below:
https://sites.google.com/site/infrabondapplications/
https://sites.google.com/site/infrabondapplications/
Infrastructure Bonds
Download Infrastructure Bond Application Forms
What is Tax Saving Infrastructure Bond? The bonds would be issued in the dematerialised format and investors can even buy it in physical format if they don't have a PAN card or demat account. The bonds will be listed on the Bombay Stock Exchange (BSE) and investors can exit the bonds in the secondary market after the completion of the lock-in period. These Bonds are Tax Saving Infrastructure Bonds. By making investment of Rs 20,000 in Infrastructure Bonds, you can avail tax exception under Section 80CCF. Section 80CCF is in addition to Investment of Rs 1, 00, 000 that you can make under Section 80C and Rs 20,000 under Section 80D and Section 80E for Education loans of the Income Tax Act. You can Download Infrastructure Bonds application forms for: 1) Infrastructure Development Finance Company (IDFC) 2) Larsen & Toubro Infrastructure Finance Company Limited (L&T) 3) IFCI 4) Rural Electrification (REC) 5) Power Finance Corporation (PFC) 6) Life Insurance Corporation (LIC) 7) IIFCL Documents Required: 1) Filled Up Application 2) Copy of the PAN card (Self-attested) 3) A Cheque in favour of the 4) KYC Documents: Self-attested copies of the following documents are required to be submitted by the Applicants as KYC Documents: a. Proof of identification for individuals: Any of the following documents are accepted as proof for individuals: Ø Passport Ø Voter’s ID Ø Driving Licence Ø Government ID Card Ø Defence ID Card Ø Photo PAN Card Ø Photo Ration Card. b. Proof of residential address: Any of the following documents are accepted as proof of residential address: Ø Passport Ø Voter’s ID Ø Driving Licence Ø Ration Card Ø Society Outgoing Bill Ø Life Insurance Policy Ø Electricity Bill Ø Telephone Bill (Land/Mobile). Procedure: 1) Print the application form, print and Fill it up 2) Attach the required Documents 3) Submit the form in a collection canter near you Find a collection canter: |
Download Infrastructure Bond Application Forms
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