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698/CBDT. - Income Tax - 698/CBDTExtract INSTRUCTION NO. 698/CBDT Dated : June 1, 1974 The P.A.C. in para 1.19 of their 103rd Report have made the following recommendation: "The Committee desire that the Central Board of Direct Taxes should issue instructions immediately to the assessing officers to promptly report cases of investment in small savings in excess of prescribed limits noticed by them, to the authorities concerned to consider suitable penal action wherever called for." 2. The maximum limits prescribed for investment in various small saving schemes are as under :- ------------------------------------------------------------------------- Saving Scheme Investment Investment in single in joint name name ------------------------------------------------------------------------- (1) (2) (3) ------------------------------------------------------------------------- 1. 10 year treasury savings 4% Deposit 25,000 50,000 Certificates (Discontinued from 31.10.1962) 2. 15 year Annuity Certificates (First Series) 26,600 53,200 (Discontinued from 2.1.1968) 3. 15 year Annuity Certificates Second Series 28,000 56,000 (Discontinued from 31.8.1973) 4. P. O. Cash Certificates (Discontinued from 10,000 20,000 15.6.1957) 5. 15 year National Plan Savings Certificates 25,000 50,000 (Discontinued from 31.10.1962) 6. National Saving Certificates (Discontinued 25,000 50,000 from 1.6.1957) 7. 12 year National Defence Certificate 25,000 50,000 (Discontinued from 14.3.1970) 8. 10 year Defence Deposit 4 1/2% Certificates 35,000 70,000 (Discontinued from 14.3.1970) 9. 10 year National Savings Certificates (First 35,000 70,000 Issue) including Bank Series (Discontinued from 14.3.1970) 10. 7 year National Savings Certificates 50,000 1,00,000 (16.3.1970) II III Issues.* 11. P.O. Saving Bank Accounts 25,000 50,000 12. 5/10/15-year Comulative Time Deposit 90,000 1,80,000 Accounts** per P.O.Savings Bank (Comulative Time Deposit) Rules, 1959/5 15 years C.T.D. Accounts (Discontinued from 1.11.1973) ------------------------------------------------------------------------- Investment in these savings schemes in excess of the limits may be noticed by the assessing officers in the course of assessment proceedings whether relating to income-tax or other direct taxes. Whenever such excess investments are noticed in any case, the assessing officer should report the particulars of the case to the Secretary, Department of Economic Affairs, Ministry of Finance, New Delhi, with a copy to the Board. 3. These instructions may please be brought to the notice of all assessing officers in your charge for necessary action.
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