Tax Return Preparer

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Aranya Dey (Querist)
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01 January 2009 Plz. answer the following:-

1)Who is Tax Return Preparer and what is the criteria to be a TRP?
2)What is Keyman's Insurance and who is the Keyman?
3)What is IOU paid to the employees?
4)What is OFF SHORE BANK ?
5)What is Gold Bond ?

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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01 January 2009 1) Please visit Income Tax Website for TRP details or the below links:

http://www.trpscheme.com/trp/index.jsp

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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01 January 2009 4) Off Shore Bank means bank which situated in Tax Free Zones, SEZ etc.

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CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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01 January 2009 5) GOLD DEPOSIT SCHEME 1999 NOTIFIED

September 15, 1999

The Government has notified the Gold Deposit Scheme 1999 to help bring privately held stock of gold in circulation, reduce the country's reliance on import of gold and providing its owners with some income apart from freeing them from the problems of storage, movement and security of gold in their possession. According to the notification issued by the Ministry of Finance, the Gold Deposit Scheme will come into effect immediately. The Scheme was announced by the Union Finance Minister, Shri Yashwant Sinha while presenting the Budget 1999-2000 in the Parliament.

The provisions of the Scheme include

* All designated banks may operate the Scheme after getting the operational details approved by the Reserve Bank.

* The Gold shall be tendered by a Subscriber in the form of Bars, Coins and Gold Jewellery.

* Every subscriber desirous of making subscription of Gold under the Scheme shall apply to a designated bank in such form as may be prescribed by the said bank.

* After the Gold has been assayed, the designated bank shall accept the gold and at the option of the subscriber shall issue (a) a Gold Certificate or (b) a Statement of Account or - a Passbook to the Subscriber.

* Premature payment, either in the form of Gold or in Cash equivalent to the price of Gold on the date of encashment shall be allowed after initial lock in period.

* The Gold Certificate shall be repaid in Gold. Such repayment may also be made in rupee equivalent to the price of Gold as on the date of maturity at the option of the subscriber. The option in this regard will have to be exercised in the manner prescribed by the designated bank.

* The designated bank shall pay interest at such rate and at such intervals as it may decide subject however, to the interest rate directive on Gold Deposit, issued by Reserve Bank.

* The nomination facility shall be available on the lines of usual rupee deposit scheme prevalent in banks.

* The Gold Certificate shall be transferable by endorsement and delivery.

Mugdha

Mugdha (Expert)
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13 January 2009 2) The Keyman is a person because of whom your business is running. If the person is no more working for you, your business will suffer huge losses. Therefore to secure your risk arising out of this situation, the insurance companies provide you with Keyman Insurance Policies.

3) IOU is a recognition written on paper by the employer, that the employer owes something to the employee.