MM TAX CLUB

The outstanding balance of ‘8.35% SBI RTS ISU  GOI SPL Bond 2024’ is repayable at par on March 27, 2024. No interest will accrue thereon from the said date. In the event of a holiday being declared on repayment day by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State on the previous working day.

As per sub-regulations 24 (2) and 24 (3) of Government Securities Regulations, 2007 payment of maturity proceeds to the registered holder of Government Security held in the form of Subsidiary General Ledger or Constituent Subsidiary General Ledger account or Stock Certificate, shall be made by a pay order incorporating the relevant particulars of his bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. For the purpose of making payment in respect of the securities, the original subscriber or the subsequent holders of such Government Securities, shall submit the relevant particulars of their bank account well in advance.

However, in the absence of relevant particulars of bank account / mandate for receipt of funds through electronic means, to facilitate repayment of the loan on the due date, holders may tender the securities, duly discharged, at the Public Debt Offices, Treasuries/Sub-Treasuries and branches of State Bank of India (at which they are enfaced / registered for payment of interest) 20 days in advance of the due date for repayment.

The details of the procedure for receiving the discharge value may be obtained from any of the aforesaid paying offices.

Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered under section 12AA/12AB of the Act is exempt, subject to fulfilment of certain conditions specified under various sections of the Act.

One of the conditions required to be fulfilled by the trust or institution in order to be eligible to claim exemption, is, that it is required to get its accounts audited and furnish the audit report in the prescribed Form No. 10B / 10BB before the specified date.

It has come to the attention of the Central Board of Direct Taxes (CBDT) that in a number of cases trusts / institutions have furnished audit report in Form No. 10B, where Form No. 10BB was required to be furnished for the A.Y. 2023-24. Similarly, in a number of cases trusts / institutions have furnished audit report in Form No. 10BB, where Form No. 10B was required to be furnished for the A.Y. 2023-24.

It is stated that, non-furnishing of audit report in the prescribed form would result in denial of exemption in such cases, as it is one of the conditions which is required to be satisfied for claim of exemption. The denial of exemption on this account may result in creation of tax demand.

In view of the above, the CBDT has allowed those trusts / institutions which have furnished audit report on or before 31st October, 2023 in Form No. 10B where Form No. 10BB was applicable and vice-versa, to furnish the audit report in the applicable Form No. 10B / 10BB for the A.Y. 2023-24, on or before 31st March, 2024.

CBDT Circular No. 2/2024 in F.No.370142/6/2024-TPL dated 05.03.2024 has been issued. The said Circular is available on www.incometaxindia.gov.in.

CBI has arrested six persons including two NHAI Officers, one of whom is General Manager & Project Director, NHAI, PIU, Nagpur (bribe receiver) and another one Deputy General Manager & Project Director, NHAI, Harda (MP) alongwith two Directors and two employees of a private company, in a case related to bribery of Rs 20 lakh. A cash recovery/seizure of Rs 1.10 crore(approx) including the bribe money have been made so far.

CBI  registered a case against four public servants of NHAI, a Bhopal based private company, five private persons including two Directors and  employees of the said private company and unknown others on allegations that Directors of a Bhopal based  private comoany have been delivering bribes to various public servants of NHAI through their employees in lieu of issuance of completion certificates, processing of bills, smooth progression of awarded works, etc. in various road projects awarded by National Highways Authority of India (NHAI).

It was also alleged that employees of the private company deliver bribes to the public servants in Nagpur, and in different locations in Madhya Pradesh.

It was further alleged that an employee of said company is in regular contact with General Manager & Project Director, NHAI, PIU, Nagpur for clearing pending matters including processing of pending bills and issuance of completion certificate, in lieu of bribe, for Project Outer Ring Road.

Further, it was alleged that a bribe amount of Rs 25 lakh was likely to be delivered to said General Manager & Project Director, NHAI, PIU, Nagpur.

CBI laid a trap and after the delivery of bribe Rs 20 lakh to said General & Project Manager of NHAI by employee of the said private company, both were apprehended.

Searches are being conducted at different offices and residences of accused including at Nagpur, Bhopal and Harda. Cash of Rs 1.10 crore (approx) including the trap money have been recovered/seized so far alongwith other incriminating documents, digital devices, etc during searches. 

Further investigation is continuing.

CBI arrests a field officer of a bank while accepting bribe from complainant

Central Bureau of Investigation (CBI) has arrested a Field Officer, Prathama UP Gramin Bank, Poora Birdha Branch, Lalitpur for accepting  bribe of Rs. 7000/- from  the complainant.

 A case was registered on a complaint against the said accused on allegations of demanding undue advantage of Rs. 18,000/- for allowing withdrawal of Rs. 1,50,000/- from complainant’s  loan account. It was also alleged that after negotiation accused reduced the demand for bribe.

 CBI laid trap and caught the accused red handed while demanding & accepting bribe of Rs. 7,000/- from the complainant.

Searches were conducted at the premises of accused in Lalitpur (U.P.).

The accused will be produced before the Competent Court.

Investigation is continuing.