Para 5(vii) of the C&AG's Report for the financial year 1974-75-position of arrears of Annuity Deposit.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The problem of liquidating the arrears of Annuity Deposit was also discussed during the Commissioners' Conference held in May, 1976 and the Commissioners of Income tax have been requested, vide paragraph 84 of the minutes of the said Conference, to take "immediate and effective steps" to ensure that these arrears are adjusted/reduced/collected without any further delay. Board have also specifically desired, vide letter F.No.385/30/76-IT(B) dated 28-4-1976 that while reporting arrears of Annuity Deposit as on 31-3-76 it should be certified that all adjustments have been duly carried out. 3. Some time ago, the Commissioners of Income-tax were asked to give the reasons for the substantial amount of the arrears of Annuity Deposit several years....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....segregated and appropriate Administrative action taken to process the proposals for declaring the amounts involved in them as irrecoverable. The amounts of irrecoverable Annuity Deposits should however, be not written off as required in Board's letter F.No.375/26/76-IT(B) dated 19-4-1976. This is because the question whether an irrecoverable Annuity Deposit should be written off or cancelled or its recovery waived, is under examination in the Board in consultation with the Department of Expenditure. Further instructions in this regard will follow shortly. 6. In so far as the refusal of some of the branches of the State Bank of accept payments of Annuity Deposits is concerned, the matter was taken up with the Department of Banking and that ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on each certificate should be countersigned by the IAC who should also sign the certified copies after examining the original Annuity Deposit Certificates. A copy of Form No.5 of the Annuity Deposit Certificate, 1964, with the amendment as indicated above, is enclosed for ready reference and use. ii) The request to the assessee enclosing a copy of the letter in Form No.5 should be sent on a letter as per specimen attached herewith. In the covering letter, the concerned assessee should, among others, be requested, to indicate the particulars of other assessees with whom he may have been connected as partner of a firm/member of AOP/Karta or coparcener of HUF etc. They should also be required to certify that the credit for the payment of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lied by the assessee in his letter/application in Form No.5 dated......has also been taken into consideration and that the said letter/application in Form No.5 has been placed on file. Income-tax Officer". (iv) A record of adjustment made in this manner should be kept in a separate register in the following form and should be made available to the Revenue Audit parties for the purpose of checking by them:- a) Serial No. b) Name of assessee. c) Permanent Account Number. d) Serial No. of the Demand and Collection Register/year in which credit of Annuity Deposit has been given. (v) (a) Numbers of the Annuity Deposit Certificates; (b) Amounts (to be indicated separately); (c) Dates of payments; (d) Name and place of the Bank where pay....