Finance Act, 1991
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Information. |
68.—(1) Where a company treats a payment made by it as one to which subsection (1) (a) or (2) of section 61 applies, any person connected with the company who knows of any such scheme or arrangement affecting the payment as is mentioned in section 65 (3) shall, within 60 days after he first knows of both the payment and the scheme or arrangement, give a notice to the inspector containing particulars of the scheme or arrangement. | |
(2) Where the inspector has reason to believe that a payment treated by the company making it as one to which subsection (1) (a) or (2) of section 61 applies may form part of a scheme or arrangement of the kind referred to therein or in section 65 (3), he may by notice require the company or any person who is connected with the company to furnish him within such time, not being less than 60 days, as may be specified in the notice with— | ||
(a) a declaration in writing stating whether or not, according to information which the company or that person has or can reasonably obtain, any such scheme or arrangement exists or has existed, and | ||
(b) such other information as the inspector may reasonably require for the purposes of the provision in question and the company or that person has or can reasonably obtain. | ||
(3) The recipient of a payment treated by the company making it as one to which subsection (1) (a) or (2) of section 61 applies, and any person on whose behalf such a payment is received, shall if so required by the inspector state whether the payment received by him or on his behalf is received on behalf of any person other than himself and, if so, the name and address of that person. | ||
(4) Schedule 15 to the Income Tax Act, 1967 , is hereby amended by the insertion in column 2 of “Finance Act, 1991, section 68”. |