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REGISTERED No. D-(D)-72

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (i)

PUBLISHED BY AUTHORITY

No. 285] NEW DELHI, SATURDAY, AUGUST 28, 1976/BHADRA 6, 1898

Separate paging is given to this Part in order that it may be filed

as a separate compilation

DEPARTMENT OF REVENUE & BANKING (Revenue Wing) NOTIFICATION New Delhi, the 28th August 1976

G.S.R. 769 (E).—In exercise of the powers conferred by sub-section (8) of section 2 of the Finance Act, 1976 (66 of 1976), the Central Government hereby frames the following Scheme, namely :—

1. Short title, commencement and application.—(1) This Scheme may be called the Companies Deposits (Surcharge on Income-tax) Scheme, 1976.

(2) It shall come into force on the Ist day of September, 1976. (3) It applies to all companies to which the provisions of the Income-tax Act, 1961 (43 of 1961) apply.

2. Definitions.—(1) In this Scheme, unless the context otherwise requires,—

(a) "account" means a Deposit Account under this Scheme; (b) "deposit office" means—

(1) an office or the Reserve Bank of India; (ii) a branch or an office of the State Bank of India and any subsidiary bank of the State Bank of India; and

(iii) a branch or an office of a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);

(c) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964);

(d) "Income-tax Act" means the Income-tax Act, 1961 (43 of 1961);

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(c) "paragraph" means a paragraph of this scheme and "sub-paragraph" means a sub- paragraph of the paragraph in which it occurs;

(f) all other words and expressions used herein but not defined and defined in the In- come-tax Act shall have the meanings, respectively, assigned to them in that Act

(2) All references to "Forms" in this Scheme shall be construed as references to the forms 8et out in the Appendix hereto.

3. Deposit when to be made.—(1) A deposit in lieu of payment of surcharge on income- tax under sub-section (6) of section 2 of the Finance Act, 1976 (66 of 1976), may be made by a company at any time before the last instalment of advance tax is due in its case,

(2) A deposit in lieu of payment of surcharge on income-tax under sub-section (8) of section 2 of the Finance Act, 1976 (66 of 1976), may be made by a company at any time during the finiw cial year commencing on die iat day of April, 1976,

(3) A deposit under sub-paragraph (1) or sub-paragraph (2) may be made either in ono lump sum or in two or more instalments.

4. Manner¹ of depo"it.-^(i) Every company making a d.posit under thiB Scheme for the firBt time shall apply to the deposit offce in Form A, or as near thereto as may be, together with the amount of deposit.

(2) On receipt of an application trader sub-paragraph (i),the deposit office shall open an account iq the name of the company and issue a pass-book to the company wherein the amount of every deposit made by it shall be entered over the signature of the officer-in-charge with the date stamp.

(3) Every deposit Bhall be made cither in cash or by crossed cheque drawn in favour of th? deposit office on a bank at the place where the deposit office is situated into the office at which the account stands.

(4) Evory deposit shall be evidenced by a receipt issued in Form B, or as near thereto as may be3 by the deposit office.

5. Proof regarding doposit.—(i)Wher-; deposit is made by a company under sub-paragraph (1) of paragraph 3, the receipt referred to in sub-paragraph (4) of paragraph 4 shall be forwarded by the company to the Income-tax Officer within one week from the date on which the last ins- talment of advance tax is due in ita case.

(2) Where a deposit is made by a company under sub-paragraph (2) of paragraph 3, the re- ceipt referred to in sub-paragraph (4) of paragraph 4 shall be forwarded by the company along with the return of income for the assessment year commencing on the ist day of April, 1977. (3) The Income-tax Officer may, for the purposes of verification, require the depositor to produce the pass-book issued to him by the deposit office,

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10. Company la Liquidation:—(i) Any person who is the liquidator of any company which is being wound up, whetl cr under tlic orders of u couit or otherwise, may, subject to the provisions oi sub-paragraph (z), make an application to iho Development Bank in form D, or as near thereto as may be, t\r earlier repayment of the deposit together with interest inerton, if he considers that the affairs of the company are likely to be fully wound up beforo the expiry of the period specified in sub-paragraph (i) of paragraph 9.

(2) An application under sub- paragraph (1) shall be made only if the liquidator considers that the affairs of the company are likely to be fully wound up within a period of six months from the date of the application.

(3) If the Development Bank is satisfied that the affairs of the company are likely to be fully wound up within the period of six months specified 1 n sub-paragraph (2) and that the period of six months aforesaid shall end before the expiry oi the period referred to in sub-paragraph(i), it may make an order in writing requiring the deposit office concerned to forthwith repay the amount of the deposit together with interest due thereon to the liquidator.

(4) Where the Development Bank authorises earlier repayment of the deposit together with interest due thereon, the Bank shall issue to the liquidator an order in writing requiring the deposit office concerned to pay him the amount and shall advise the deposit office accordingly.

(5) On production of the order of the Development Bank by the liquidator and on receipt of the advice from the Development Bank, the deposit office shall forthwith repay the deposit with interest due thereon.

APPENDIX

FORM A

APPLICATION FOR OPENING A DEPOSIT ACCOUNT UNDER THE COMPA- NIES DEPOS fTS (SURCHARGE ON INCOME-TAX) SCHEME, 1976.

[See paragraph 4 (1) ol the CompaPie^Dcposits (Surchurge on Incomr-tux) Scheme, 1976]

To

I,

, being the

(Name in block letters)

of

(designation)

(name and address of the company)

hereby apply for opening an account under the Companies Dcpo¹ it (Surcharge on Income-tax) Scheme, 1976, in the name of the said company ai'dundtr herewith Rs

(in figures) (Rupees

only)

(in wordi)

in cash*/cheque.

The Permanent Account No. of the Company is

f Signature

Date Place

NOTES *(i) Delete what is not applicable

•(•(2) The application should be s,igrud by the principal officer of the company. Where the company making the d poi it it undt-'r liquidation, the application should be signed by the liquidator.

(To be filled in by the deposit office) The account has been opened on

wlthRs undi rthe Companies Deposit Account No

Pass Book has been Issued.

Specimen signature of the principal officer/ {Signature of the oflicer-iti-charpe

liquidator of the company -mafclpg the depoftf,

FORM B

R ECEIPT FOR THE DEPOSIT UNDER THE COMPANIES DEPOSITS (SURCHARGE ON INCOME-TAX) SCHEME, 1976.

[See paragraph 4(4) of the Companies Deporiits(SurchargeonIncome-tax)Scheme, 1976]

To be issued in duplicate

Name of the deposit office

Receipt No

,

Received from

(name and address of the company)

j whose

, Permanent Account No. b Rs

(Rupees

only) (in

figure)

(in words)

for credit into Complies Deposit Account No

Signature of Ofl^cer-irt-charge

Date

Place

SEAL

NOTE :— This receipt should be preserved carefully and forwarded by the company to the Incomc-tax Officer,—

(j) in a case where the deposit has been made under sub-section (6) of section 2 of the Finance Act, 1976 (66 of 1976), within one week from the date on which the last instalment of advance taxis due In its case; and

(ii) in a case where the depositis made under sub-section (8) of section 2 of the Financ <• Act, 1976(66 of 1976), nlorg with the return of income for lhe ajpfsf inert yeau 1977-78.

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FORM C

APPLICATION FOR REPAYMENT OF DEPOSITS UNDER THE COMPANIES DEPOSITS (SURCHARGE ON INCOME-TAX) SCHEME, 1976.

[See Paragraph 9(2) of the Comparers Deposits, (Surcharge on Incomc-iax) Scheme, 1976]

To

I, I,

, being the

(name in block letters)

of

(designation)

(name and address of the company)

wish to wlthdrawthe amount due to the credit of Companies Deposit Account No In the name of the said company together with the interest due thereon. The Pass Book is attached.

•2. I,

, being the (name in block letters)

of

• (designation)

(name and address of the amalgamated company)

wish to withdraw the amount due to the credit of the Companies Deposit Account No in the name of

(name and address of the amalgamating company)

together with the interest due thereon. The Pass Book is attached.

**3. I,

, being the liquidator (name in block letters)

of

(name and address of the company)

wish to withdrawthe amount due to the credit ofthe Companies Deposit Account No in the name of the said company together with the interest due thereon.

fThe Pass Book is attached.

The Development Bank has authorised the earlier rt payment of the depoi.it under paragraph 10(3) of the Companies Deposits (Surcharge on Income-tax) Scheme,1976. The said order of the Development Bankin original and the Puts Book are attached.

tf

Signature

Date

Place

NOTES.—*(i) To be fllledin only where the application it mfde on bfhalfofan amalgamated company for repayment of a deposit made by the amalgamating company. Proof regarding entitlement to receive repayment should be furnished along- with the application.

••(2) To be filled in only where the aoolicarion is made on behalf pf a company which is under liquidation.

t(3) Delete what Js not applicable.

t t ( 4) The application should be signed by the principal officer of the company/ principal officer of the amalgamated company/liquidator of the company-

FORM D

APPLICATION BY LIQUIDATOR FOR EARLIER REPAYMENT OF THE DEPOSIT UNDER THE COMPANIES DEPOSITS (SURCHARGE ON INCOME-TAX) SCHEME 1976.

[See paragraph 10 (1) of the Companies Deposits (Surcharge on Income-tax) Scheme, 1976]

To

I,

,beingthc liquidator (Name in block letters)

of

hewby

(name and address of the company)

declare that the affairs of the said company are Hkely to be fully wound up by the day of , 197 A note setting out the progress made in winding up the affairs of the said company and the further action that remains to be taken in this behalf is attach* d. As the repayment of the deposit made by the company on its maturity on the day of , 19 will delay the winding up of the affairs of the com- pany, I hereby request for the immediate repayment of the deposit together with interest due thereon.

(Signature)

Date

Address

(No. I455/F. No. 133 (59)/76-TPL]

S. R. MEHTA, Addl. Secy.

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