TMI BlogMode of investment as specified in sub-section (5) of section 11 of the Income-tax Act--Investment in ``Kisan Vikas Patra'' and ``Indira Vikas Patra''--Clarification regardingX X X X Extracts X X X X X X X X Extracts X X X X ..... fication regarding. Circular No. 566 Dated 17/7/1990 Sub-section (5) of section 11 of the Income-tax Act, 1961, specifies the forms and modes of investment or deposit of surplus money by public charitable or religious trusts and institutions as referred to in section 11(2)(b) of the Act. Clause (i) of the said sub-section (5) specifies one of the forms of investment as investment in sav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tified by the Central Government in exercise of the powers conferred by the aforesaid section 12 of the Government Savings Certificates Act, 1959. Thus, both these Patras are Saving Certificates to which the aforesaid Government Savings Certificates Act, 1959, applies. These are, therefore, covered by section 11(5)(i) of the Income-tax Act read with section 2(c) of the Government Savings Certifica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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