Annuity Deposit Scheme 1966: No Partial Refunds Allowed, Excess Deposits Adjusted in Future Years Per Guidelines.

The Annuity Deposit Scheme 1966 mandates the refund of the entire deposit for any given assessment year, as previously outlined in a 1969 circular. It has come to the Board's attention that some Income Tax Officers are authorizing partial refunds, especially when deposits are made in installments or at different locations. The scheme does not allow for partial refunds of excess deposits; instead, excess amounts should be adjusted in subsequent years as per the scheme's guidelines. Therefore, no partial refunds should be issued, and these instructions must be communicated to all relevant parties.

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