Payment of interest on deposits made under section 33(1)(g) of the Estate Duty Act, 1953 - Income Tax - 470/1986

Payment of interest on deposits made under section 33(1)(g) of the Estate Duty Act, 1953 Circular No.470 Dated 25/9/1986 To All Commissioners of Income-tax/ Controller of Estate Duty. Sir, Subject: Payment of interest on deposits made under section 33(1)(g) of the Estate Duty Act, 1953. I am directed to refer to Board's Circular No. 438, dated November 15, 1985,* in which instructions were issued for refund of amount deposited under section 33(1)(g) of the Estate Duty Act to all depositors surviving on March 16, 1985. 2. The matter was further considered and it has been decided that interest at the rate of 2% per annum may be allowed on deposits made under clause (g) of sub-section (1) of section 33 of the Estate Duty Act up to the date of refund. Yours faithfully, (Sd.) A.K. Singh, Under Secretary, Central Board of Direct Taxes. * See [1986] 157 ITR (St.) 1.