Section Text
In the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, -
(a) in section 3, in sub-section (1), for the figures, letters and words "1st day of April, 1982", the figures, letters and words "1st day of April, 1984" shall be substituted;
(b) in section 4, in sub-section (1), in clause (iii), for the figures, letters and words "1st day of April, 1982", the figures, letters and words "1st day of April, 1984" shall be substituted;
(c) in section 8, with effect from the 1st day of June, 1981, -
(i) after sub-section (1), the following sub-section shall be inserted, namely :-
"(1A) Notwithstanding anything contained in sub-section (1), -
(a) the amount of compulsory deposit made by or recovered from an individual; or
(b) the amount of compulsory deposit made by or recovered from any person who is assessable under the Income-tax Act in respect of the total income of an individual, on behalf of such individual,
shall, to the extent it has remained unpaid, be repayable; together with interest thereon, -
(i) where such individual has attained the age of seventy years before the 1st day of April, 1981, on the 1st day of June, 1981; and
(ii) in any other case, on the 1st day of the financial year immediately succeeding the financial year in which such individual attained seventy years of age.";
(ii) in sub-section (2), after the words, brackets and figure "under sub-section (1),", the words, brackets, figure and letter "or sub-section (1A)," shall be inserted.