Subject NOT available

click here for IIIF manifest

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 bo 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 Income- taY 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 of annuity^—(I) The Income-tax Officer exercising jurisdiction under the Act in the case of e 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 fhc 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 enfaced 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 thp payment of the amount of such commuted value in accordance with the Table in Appendix II hereto—

fa) 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

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

Deposit Certificate duly discharged-

7A. Refund of annuity de-posit:—(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 deposit 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. 6B to the Income-tax Offiier.

(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 ol deoosit 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 enfaced 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,

fii) 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 1o film,

and shall advise the deposit office accordingly.

Snp; 8(ty] THE CAWK'fXe OF I""M K^"AO1WMWA^Y ^3

(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 of 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 commutrd value in accordance with the Table in Appendix II hereto—

ta) 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

(b) 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 been 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.";

(7) in paragraph 11 of the Scheme, for sub-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 any of them dies before such payment is made, the amount sh"ll be paid to the surviving nominee or nominees.";

(8) the existing Appendix to the Schemo shall be re-numbered as Appendix I and in Appendix I as so re-numbered,—

(a) for Form No- 1, the fallowing form shall bo substituted, namely;—

"FORM NO. l

ANNUITY DEPOSITS

Application ]or issue of Annuity Deposit Certificate

[See paragraph 4(1> of the Annuity Deposit Scheme, 1964]

Receiving Office Application No

I/We*

herewith tender ca.sh**/cheque**

(in block capital letters)

for R s . . . . . . .. ...being my/our annuity deposit to be made under the provi- siona of the Annuity Deposit Scheme, 1964 and request that a Ten Year Annuity Deposit Certificate may be issued to me/us for the above amount

12. The deposit is made by me as legal representative of

who died on 19

(.name of deceased)

1"3. The deposit is made by me as guardian on behalf oE

who is a minor and whose date of biith is The Annuity Deposit Certifi- cate may be issued in his/her name,

<;j)4. The deposit is made by me as Karla of

, a Hindu undivided family.

riji@5. The annuity may be paid at

(Here insert the name of the bank i.e., Reserve Bank of India or State Bank of India 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) alter deduction of the usual remittance charges, at my/our risk and responsibility; ot

(b) Annuity warrant thereon mny be made payable at

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

; or

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

11¹) Annuit> warrant may be forwarded to

(Name of bank or post office)

for cicdit to my/our • -Account No

+16 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 i nomination in respect of the Certificate applied for, at present.

Signature of the Depositor

Date Name in full Place

. Address in full

NOTES.—*In the case of a iirm, an association of persona (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 c3se of a society legistered under the Societies Registration Act, 1860, th" application should be accompanied by a true copy of the certificate of registra- tion, a true copy of its by^c-laws, rules and regulations and a copy ot 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.

•''Delete whichever JM not applicable. 1F01 deposit on behalf of deceased individuals iFor deposit on behalf of minors y/i Foi deposit on behalf of a Hindu undivided family. @(# Score out whichever is not applicable. £Orl.y for Individuals who are not minors. Delete whichever is not applicable.

AnnuiL,- Deposit Certificate

for Rs issued.

for Manager Public Debt Office,

Reserve Bank of India";

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

"FoBM No. 6A

ANNUITY DEPOSITS

Application for Payment of Commuted Value 0/ 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

¹¹³ • • „__ Shri/Shrimati 7.1 for the assessment year commencing on the 1st April, 12——-— as shown below:—

Date on which annuity deposit made/

rJo. Deposit office ut

Distinguishing

Amount

recovered

which certificate is

of Annuity Deposit

enfaced for payment

Certificate

Rs.

2

¹

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 apace provided herein is insufficient separate enclosure may be usod for the purpose.

••The application should be signed by the person entitled to receive the annuity.

NOTE.—This application should be submitted IN QUADRUPLICATE.

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

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(B) aforeaaid made by/recovered from him/her/th"n/Shri/Slirimati — for the assessment year commencing on 1st April, 190 ••••, which remain to be paid. The Manager/Agent——-——— — is hereby requested to pay to the applicant(s) above-mentioned (Name of the deposit office)

the amount of such commuted value, in accordance 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 tha 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.

FORM No. 6B

ANNUITY DEPOSITS

Application for Refund

[S"e paragraph 7A(2) of the Annuity Deposit Scheme, 1964]

To

The Income-tax Officer.

Sir,

I/We*

do hereby state that a sum of (name of person claiming refund of deposit) Ra wa" deposited by/recovered from me

us

i

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

Amount

Dite o.i which annuity deposit made/ recovered

Distinguishing No. of Anuity Deposit

Ri.

Deposit office at which Certificate is enfaced for payment.

Certificate

2

i

3

4

Under paragraph 7A(1) of the Annuity Deposit Scheme, 1964, I am/we are/ Shri/Shrimali.. • •• is entitled to a refund of the aforesaid amount because *the provisions of Chupter XXIIA do not apply to me/us/Shri Shrimati . . ..

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

I am/We are/Shri/Shrimati

Is otherwise not required to make 1he annuity deposit in relation to the assessment year 19 .. -19 • .

2. I/We*, therefore, request for a refund of the aforeBaid amount.

Yours faithfully, .

Date

Signature**- •

Place. Name (in full)

Address (In full)

*Dclete 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 7A(3) 0/ (he Annuity Deposit Scheme, 1964

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

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

is hereby icquestcd to refund to the appllcant(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 Annuity Deposit Scheme, 1964.

Date- — —-

Signature ——

Seal-—~ — Designation: Income-tax Officer,

District/ Ward/Circle.

1st copy to the applicant(s).

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 "n 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 indlvidual(s)" shall b* substituted;

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

'APPENDIX II

ANNUITY DEPOSITS

Table o

LSee paragraphs 7(4) and 6(2) of the Annuity Deposit Scheme, 1964 ]

Commuted value of annuities W i -r; c > [ m u t a t i on is made

Where the amount of Annuity De- posit is

Where the amount of Annuity De- posit is

Where the

amount ot

Annuity De-

posit is

Rs. 100

Rs. 1000

Rs. 10

2

i

3

4

After the cxPi ryofiycarbut before 2 years from

87-50

the date of deposit . . ..

875-00

8-75

After the expiry of 2. years b ut before 3 years

78-50

from t hs date of deposit

785'05

7-85

After t he expiry of 3 years b ut before 4 years

67-19

from the date of deposit

671-91

6-72

After the expiry of 4 years b ui before 5 years

55-75

from the date of deposit

55 7 - 5°

'5-58

from

After the expiry of 5 years b ut before 6 years

44-40

the date of deposit . . ..

443-99

4-44

After the expiry of 6 years b ut before 7 years from

the date of d:posit . . ..

333-81

3'34

33-38

After the exoiry of 7 years b ut before 8 years,

from the d i tc of deposit . ..

23-00

2 - 30

229-96

After the expiry of 8 years b ut before 9 years

from t h: d i tc of deposit

1'36

13-63

136-25

After t he expiry of 9 years b ut before 10 years

from the date of deposit

57'4fi

5-75

NOTE.—The amount oil 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 thn annuity deposit, remaining alter 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 (b), 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 arnctunt 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.

HEW DELHI AND PUBLISHED BY THF MANAGER OP PUBLICATIONS, DELHI, 1967.