Whether instructions issued in 1966 to bar person responsible for paying interest from taking cognizance of tax exemption or abatement certificate issued by ITO in favour of beneficial owner of securities held by banking companies, etc., on behalf of their constituents

Whether instructions issued in 1966 to bar person responsible for paying interest from taking cognizance of tax exemption or abatement certificate issued by ITO in favour of beneficial owner of securities held by banking companies, etc., on behalf of their constituents https://www.taxtmi.com/circulars?id=4415 The 1966 instructions requiring deduction of tax on interest at the rates applicable to the registered banking company do not bar recognition of abatement or exemption certificates issued under section 197(1) for beneficial owners; if the Income-tax Officer is satisfied that an applicant is the beneficial owner and the bank is only the nominal holder, he may grant a certificate, and the Public Debt Office should deduct tax in accordance with that certificate. en-us Thu, 06 Feb 1969 00:00:00 +0530 Sat, 09 Aug 2008 10:27:00 +0530 TaxTMI RSS Generator Whether instructions issued in 1966 to bar person responsible for paying interest from taking cognizance of tax exemption or abatement certificate issued by ITO in favour of beneficial owner of securities held by banking companies, etc., on behalf of their constituents https://www.taxtmi.com/circulars?id=4415 The 1966 instructions requiring deduction of tax on interest at the rates applicable to the registered banking company do not bar recognition of abatement or exemption certificates issued under section 197(1) for beneficial owners; if the Income-tax Officer is satisfied that an applicant is the beneficial owner and the bank is only the nominal holder, he may grant a certificate, and the Public Debt Office should deduct tax in accordance with that certificate. Circulars Income Tax Thu, 06 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4415