Monetary limits in respect of publishing names. - Income Tax - 1087/CBDT

INSTRUCTION NO. 1087/CBDT Dated : October 8, 1977 Section(s) Referred: 287 ,143(1) Statute: Income - Tax Act, 1961 Reference is invited to the Ministry of Finance (Department of Revenue and Insurance) letter F.No.385/83/73-IT(B) dated 5.7.1974 on the above subject the question of revising the monetary limits in respect of publishing names under section 287 has been examined by the Government. 2. It has been decided that the monetary limits in the case of individuals and Hindu undivided families should be increased from Rs.1 lakh of assessed income to Rs.2 lakhs. However, no change has been considered necessary in the monetary limit in respect of firms, association of persons and companies. Accordingly, an order F.No.385/63/73-IT(B) dated 10.08.77 in supersession of earlier order on the subject F.No.385/83/73-IT(B) dated 5.7.74 has been issued by the Central Government. A copy of the same is printed below. 3. In multi-Commissioner, charges, a single publication in respect of all the Commissioners' charges may be issued by CIT-I at the place though administrative responsibility for the accuracy of the information will continue to be of each of the respective Commissioners. Immediate action may, therefore, be taken to publish the names of assessees in the Gazette of India as well as important local newspapers (one leading English Daily and two leading vernacular Dailies) on the basis of the said order of Central Government. 4. A copy of the list should also be placed on the Notice Board of Income-tax Offices. The list for the financial year 76-77 may be published by 30.9.77. For each subsequent year it may be published by the 30.9.77. For each subsequent year it may be published by the 30th June, following the close of the said financial year. Two copies of the list published may be sent to the DI(P PR) who will keep a watch over these publication and ensure that the deadline fixed for the purpose is strictly adhered to. The DI(P PR) will forward a copy of each of these lists to the Board within a month of the date prescribed for publication. It may, please, be ensured that the lists do not include the assessed income of the following Corporations etc. (a) The Industrial Development Bank: (b) State Finance Corporation; (c) I.C.I.C.I. Ltd; ;and (d) Refinance Corporation Ltd.(now defunct); (e) Any other Banking Company or Finance Corporation.