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REGISTERED No. D. 221

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 74] NEW DELHI, WEDNESDAY, FEBRUARY 8, 1967/MAGHA 19, 1888

Separate paging is given to this Part in order that it may be filed as a separate compilation.

MINISTRY OF FINANCE

(Department of Revenue and Insurance)

NOTIFICATION

INCOME-TAX

New Delhi, the 8th February 1967

S.O 514.—In exercise of the powers conferred by section 280W of the Incorne- tax Act. 1961 (43 of 1961). the Central Government hereby makes: the following amendments to the Annuity Deposit Scheme, 1964, namely:—

(1) in paragraph 1 of the Annuity Deposit Scheme, 1964 ( hereinafter referred to as the Scheme), in sub-paragraph (3), after the word "apply", the words, figures and letters "in relation to the assessment years commencing on the 1st day of April, 1964, the 1st day of April, 1965, and the 1st day of April, 1966" shall be added at the end;

(2) in paragraph 2 of the Scheme,—•

(a) in sub-paragraph (1), in sub-clause (i) of clause (c), after the word

"Bangalore", the word ", Kanpur" shall be inserted;

(b) in sub-paragraph (2), for the words "the Appendix", the word and

figure "Appendix I" shall be substituted.

(3) in paragraph 4 of the Scheme, in clause (a) of sub-paragraph (4), after the words "by the individual himself, the words "and where the individual is dead, by his legal representative" shall be, and shall be deemed always to have been, inserted:

( 2 2 1)

(4) in paragraph 6 of the Scheme, for sub-paragraph (4), the following sub- paragraph shall be substituted, namely:—

"(4) (a) In the case of a deceased depositor who has not made a nomination under Paragraph 11, the annuity shall be payable to his legal repre- sentative;

(b) In the case of a minor, lunatic or idiot, the annuity shall be payable to his guardian or manager for the benefit of such minor, lunatic or idiot?';

(5) for paragraph 7 of the Scheme, the following paragraphs shall be substi- tuted, namely:—

"7. Payment of commuted value oj annuity.—(1), The Income-tax Officer exercising jurisdiction under the Act to the case of a person entitled to receive any annuity shall be the authority competent to authorise the payment of the commuted value of such annuity.

(2) An application for payment of the commuted value of annuity under this paragraph shall be made in quadruplicate in Form No. 6A to the Income-tax Officer.

(3) Where the Income-tax Officer authorises the payment of the commuted value of any annuity, he shall issue to the person entitled to receive the annuity an order in writing requiring the deposit office at which the Annuity Deposit Certificate is enfaeed for payment to pay him the amount of the commuted value of the instalments of annuity which remain to be paid and shall advise the deposit office according- ly.

(4") On production of the order of the Income-tax Officer by the person concerned and on receipt of the advice from the Income-tax Officer, the deposit office shall make the payment of the amount of such commuted value in accordance -with the Table in Appendix II hereto—

(a) in a case where the Annuity Deposit Certificate is kept in the safe custody of the Public Debt Office, on the person concerned surren- dering the Memorandum of Deposit, and

(b) in any other case, on the person concerned surrendering the Annuity

Deposit Certificate duly discharged-

7A. Refund of annuity deposit.—(1) Any amount deposited or purported to be deposited bv way of annuity deposit may be refunded in the cases specified below, namely:—

fa) where the denosit is made by any person to whom the provisions of Chapter XXIIA do not apply;

(b) where the total income of the person who made the deposit for the relevant assessment year as finally determined does not exceed fifteen thousand rupees;

(c) where the person who made the deposit is not otherwise required

to make any annuity deposit.

(2) An application for refund under this paragraph shall be made in tripli-

cate in Form No. 8B to the Income-tax Offlier.

(3) If the Income-tax Officer is satisfied, after making such enquiry as he deems fit, that the applicant is entitled to a refund of the amount of derjosit made by him, he shall issue to the person entitled to the refund an order in writing requiring the deposit office at which the Annuity Deposit Certificate is enfaeed for payment to grant him a refund,—

(I) in a case where no payment of annuity In respect of the amount deposited by such person has been made, of the full amount deposited by him,

Cii) in a case where any payment of annuity in respect of the amount deposited by such person has been made, of the amount deposited, by such person as reduced by the amount of annuity paid to Kim,

and shall advise the deposit office accordingly.

SEC- 8 ( $] THE GAZETTE OF IWJPJA EXTJtAOBUWJA^Y 2Z3

(4) On production of the order of the Income-tax Officer by the person concerned and on receipt of the advice from the Income-tax Officer, the deposit office shall compute the amount of refund due to such person in accordance with the provisions of sub-paragraph (3) and refund the amount so computed-—

(a) in a case where the Annuity Deposit Certificate is kept in the safe custody of the Public Debt Office, on the person concerned sur- rendering the Memorandum of Deposit, and

(b) in any other case, on the person concerned surrendering the Annuity

Deposit Certificate duly discharged.

(5) Where, prior to the grant of a refund under this paragraph, any pay- ment of annuity in respect of the amount deposited by a person has been made to him, the amount of annuity so paid shall not be included in his total income.";

(6) for paragraph 9 of the Scheme, the following paragraph shall be substitut- ed, namely:—

"9. Deposits made by an unregistered firm assessed under section 183(b).^ (1) Where an unregistered firm has made an annuity deposit for an assessment year and the firm is assessed under clause (b) of section 183 for that assessment year, the Income-tax Officer shall make an order authorising the payment of the commuted value of any annuity due to the firm in respect of such deposit, and shall send a copy thereof to the firm and advise the deposit office accordingly.

(2) On production of the order oX the Income-tax Officer by the firm and on receipt of the advice from the Income-tax Officer, the deposit office shall make the payment of the amount of such commuted value in accordance with the Table in Appendix 11 hereto—

(a) in a case where the Annuity Deposit Certificate is kept in the safe custody of the Public Debt Office, on the firm surrendering the Memorandum of Deposit, and

[hi in any other case, on the firm surrendering the Annuity Deposit Certificate duly discharged.

(3) Where such annuity or the commuted value of such annuity has be"n included in the total income of the firm assessable for any subse- quent assessment year, the amount of such inclusion, to the extent it does not consist of interest accrued on the annuity deposit made, shall be excluded from the total income assessable for such subse- quent assessment year.";

^( ⁷A,i l%P7B!r a g>-paragraph (1) and sub-paragraph (2), the following sub-paragraphs shall be substituted, namely:—

"(1) A depositor, being an individual, may nominate in Form No 7 or as near thereto as may be, one or more individuals who shall be'entitl- ed to receive the annuity payable to him in the event of his death.

(2) Where any annuity is payable to two or more nominees and either or

p i d t s ^ f f r n S ?t he amount shan bc

,JVii^^^fon^^^m sha11 be re™i*red - *"*""*< i

(a) for Form No. 1, the following form shall b"s substituted, nanndy;—

"FOHM No. 1

ANNUITY DEPOSITS

Application for issue of Annuity Deposit Certificate

[See paragraph 4(1) of the Annuity Deposit Scheme, 1964] Receiving Office Application No

I / W e+ •' • (in block' capital- letters") "" ^^ t e n d er c a*h* ' / c h e q u e"

i 2. The deposit is made by me as legal representative of

who died on 19

(name of deceased)

£3. The deposit is made by me as guardian on behalf of

who is a njinur and whose date of birth is The Annuity Deposit Certifi- cate may be issued in his/her name.

uj)4. The deposit is made by me as Karta of

, a Hindu undivided family.

(y>@5. The annuity may be paid at - -

(Here insert the name of the bank i.e., Reserve Bank of India or State Bank of Tndia or any of its subsidiary banks and place at which payment is desired.)**

The Annuity Deposit Certificate may be kept in the safe custody of the Pub- lic Debt Office,

and (a) annuity thereon may be remitted by money order to

(Here state the name and address of the holder) after deduction of the usual remittance charges, at my/our risk and responsibility; or

(b) Annuity warrant thereon may be made payable at

(Reserve Bank of India, State (Place) Bank of India or any of its subsidiary banks) and forwarded t o . ..

; or

(Here state the name and full address of the depositor)

(c) Annuity warrant may be forwarded to

(Name of bank or post office)

for credit to my/our Account No

£6. I wish to make a nomination in respect of the Certificate applied for. The prescribed nomination form is enclosed/I do not wish to make a nomination in respect uf the Certificate applied for, at present.

Signature of the Depositor

Date Name in full Place Address in full

NOTKS.—*Iri the case of a firm, an association of persons (other than a society registered under the Societies Registration Act, 1860) or a body of individuals, the application should be accompanied by a declaration in respect of its constitution in Form No. 3. In the case of a society icgistered under the Societies Registration Act, 1860, the application should be accompanied by a true copy of the certificate of registra- tion, a true copy of its by^e-laws, rules and regulations and a copy of the resolution (certified to be true by its principal officer) specifying the designation and names of the officials who shall be entitled to receive the annuity on behalf of the society.

*ll'Dtlete whichever ia not applicable. I For deposit on behalf of deceased individuals. JFor deposit on behalf of minors. @ Foi deposit on behalf of a Hindu undivided family. @(fj) Score out whichever is not applicable. COnly for Individuals who are not minors. Delete whichever is not applicable.

Annuity Deposit Certificate

for Rs issued.

for Manager Public Debt Office,

Reserve Bank of India";

(b) after Form No. 6, the following Forma shall be inserted, namely:—

"FORM NO. 6A

ANNUITY DEPOSITS

Application for Payment of Commuted Value of Annuity

[See paragraph 7(2) of the Annuity Deposit Scheme, 19641

To

The Income-tax Officer,

Si:',

I. We*

do hereby state (Name of the person entitled to receive the annuity)

that I am/We are* entitled to receive the instalments of annuity in respect of the annuity deposit(s) made by/recovered from- me

U3 • • ; J J^ • • ___ SSriTShrimati" ".'."."

for the assessment year commencing on the 1st April, 19——— as shown below:—

Distinguishirg No. Deposit office nr Date on which annuity deposit made/ Amount

of Annuity Deposit which certificate is recovered

Certificate

enfaced for payment

Rs.

2

i

3

4

For the reasons given below, genuine hardship will be caused to me/us* unless you authorise the payment of the commuted value of the instalments of annuity which remain to be paid.

Statement of Reasons @

2. It is, therefore, requested that you may authorise the payment of the com- muted value of the instalments of annuity aforesaid.

Yours faithfully,

Signature* *

Date Name (in full)—-— — ~— Place Address (in full)

•Delete whichever is inapplicable, @ If the space provided herein is insufficient separate enclosure may be usad for the purpose.

" T he application should be signed by the person entitled to receive the annuity.

NOTE.—This application should he submitted IN QUADRUPLICATE.

Order Under Paragraph 7(3) of the Annuity Deposit Scheme, 1964

for the assessment year commencing on 1st This is to authorise the payment to the above-mentioned applicant(s) of the amount of the commuted value of the instalments of annuity in respect of annuity deposit(s) aforesaid made by/recovered from him/her/them/Shri/Shrtmatl —- April, 198 , which remain to be paid. The Manager/Agent

r- -is hereby requested to pay to the applicant (s) above-mentioned (Name of the deposit office)

the amount of such commuted value, in uccordance with the Table in Appendix II to the Annuity Deposit Scheme, 1964.

Date

Signature

Seal Designation: Income-tax Officer, District/Ward/Circle.

1st copy to the applicant.

2nd copy to the Manager/Agent,

(name of the deposit office)

%3rd copy to the Manager, Reserve Bank of India, Public Debt Office,——

%Not necessary where an office of the Reserve is the deposit office.

FOHM No. 6B

ANNUITY DEPOSITS

Application for Refund

[See paragraph 7A(2) of the Annuity Deposit Scheme, 19641

To

The Income-tax Officer,

Sir

I/We*

do hereby state that a sum of (name of person claiming refund of deposit) Rs..., wai deposited by/recovered from me us

'

. Shri/Shrimati by way of annuity deposit(s) for the assessment year commencing on the 1st April, 19 as shown below:—

Amount

Due on which annuity deposit made/ recovered

Distinguishing No. of Anuity Deposit

Rs.

Certificate

Deposit office at which Certificate is enfaced for payment

i

2

3

4

Under paragraph 7A(D of the Annuity Deposit Scheme, 1964, I am/we are/ Shri/Shi'imati. Is entitled to a refund of the aforesaid amount because *the provisions of Chapter XXIIA do not apply to me/us/Shri Shrimati

my/our total income/th total income of Shri/Shrimatl for the assessment year 19 -19 as finally determined does not exceed fifteen thousand rupees

I am/W" are/Shri/Shrimati

is otherwise not required to make the annuity deposit in relation to the assessment year 19 -19

2. I/We*, therefore, request for a Tefund of the aforesaid amount.

Yours faithfully, .. ,

Date

Signature**

Place Name (in full)

Address (in full)

'Delete whichever is inapplicable.

**The application should be signed by a person who is entitled to sign an application for issue of Annuity Deposit Certificate under paragraph 4(4) of the Annuity Deposit Scheme, 1964,

NOTE.—This application should be submitted IN QUADRUPLICATE.

Order under Paragraph 1A('S) of the Annuity Deposit Scheme, 1964

This is to authorise the refund to the above-mentioned applicant(s) of the amount deposited by/recovered from him /her/them/Shri /Shrimati

by way of annuity deposlt(s) aforesaid for the assessment year commencing on the 1st April, If)— . The Manager/Agent,

is hereby requested to refund to the applicant(s) above- (Name of the deposit office) mentioned the amount of refund due to him /her/them/Shri/Shrimati.

in accordance with paragraphs 7A(3) and 7A(4) of the Annuitty Deposit Scheme, 1964.

Date

Signature—

Seal

Designation: Income-tax Officer.

IMstrict/Ward/Circle.

1st copy to the applicants )•

2nd copy to the Manager/Agent

(name of the deposit office)

%3rd copy to the Manager, Reserve Bank of India, Public Debt Office,- .

%Not necessary where an office of the Reserve Bank of India Is the deposit office";

(c) in Form No. 7, for the words "the following person'/s", the words aiul brackets "following individual(s)" shall be substituted;

(9) after Appendix I to the Scheme, the following Appendix shall be added, namely:—

"APPENDIX II

ANNUITY DEPOSITS Table of Commuted Value of Annuities

[See paragraphs 7(4) and 9(2) of the Annuity Deposit Scheme, 1964]

C o m m u t ed value of annuit ies W^:ri cj-imutation is made —

i

W h e re t he a m o u nt of A n n u i ty D e- 'Osit is

Where the amount of Annuity De- posit is

Where the amount of Annuity De- posit is

V

R s. 10

Rs. 1000

Rs. 100

I

2

3

4

A f t er t he e x pi r y o fr y e ar b ut b e f o re 2 y e a rs f r om

t he d a te of d e p o s it

875-00

87-50

8 - 75 '

785-05 A f t er t he e x p i ry of 2 y e a rs b ut b e f o re 3 y e a rs f r om t he d a te of d e p o s it . . ..

78-50

7 - 85

671-91

67-19 A f t er t he e x p i ry of 3 y e a rs b ut b e f o re 4 y e a rs f r om t he d a te of d e p o s it . . ..

6 - 72

A f t er t he e x p i ry of 4 y e a rs b ut b e f o re 5 y e a rs

55 7-50 f r om t he d a te of d e p o s it . . ..

55-75

' 5 - 58

A f t er t he e x p i ry of 5 y e a rs b ut b e f o re 6 y e a rs f r om

443-99

44-40 t he d a te of d e p o s it . . . ..

4 - 44

A f t er t he e x p i ry of 6 y e a rs b ut b e f o re 7 y e a rs from

i

333-81

33-38 t he d a te of d e p o s it . . . ..

3-34

A f t er t he e x o i ry of 7 y e a rs b ut b e f o re 8 y e a rs

23-00

229-96 f r o :n t he d i te of d e p o s it . . ..

2-30

A f t er t he e x p i ry of 8 y e a rs b ut b e f o re 9 y e a rs

13-63

136-25 f r om t he d a te of d e p o s it . . ..

1-36

A f t er t he e x p i ry of 9 y e a rs b ut b e f o re 10 y e a rs

0-57

57-46 f r om t he d a te of d e p o s it . . ..

5-75

Nora—The amount of the commuted value will be calculated in the follow- ing manner:

(a) For every unit of Rs. 1,000, if any, comprised in the amount of the annuity deposit, the amount of the commuted value will be calculat- ed at the rates specified in column 4;

(b) For every unit of Rs. 100, if any, comprised in the amount of the annuity deposit, remaining after the calculation at (a), the amount of the commuted value will be calculated at the rates specified in column 3; and

(c) For every unit of Rs. 10. if any, comprised in the amount of the Annuity Deposit remaining after the calculations at (a) and fb), the amount of the commuted value will be calculated at the rates speci- fied in column 2.

The aggregate of the amounts calculated at (a), (b) and (c)' will be the amdunt of the commuted value."

[No. 9/F. No. 10(45)66-TPL.]

JAMUNAA PRASAD SINGH, Addl. Secy.

PRINTED IN INDIA BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS.

MEW DELHI AND PUBLISHED BY THF MANAGER OF PUBLICATIONS, DELHI, 1967.