Bare Act Search Results

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Amending Act 1

Title: Compulsory Deposit Scheme (Income-tax Payers) Amendment Act, 1981

State: Central

Year: 1974

.....section 4.-- In section 4 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 (38 of 1974.) (hereinafter referred to as the principal Act), in sub-section (1). (a) in clause (ii), the word "and:, occurring at the end, shall be omitted; (b) for clause (iii) , the following clauses shall be substituted namely:- "(iii) for the assessment year commencing on the 1st day of April, 1979, the assessment year commencing on the 1st day of April , 1980 and the assessment year commencing on the 1st day of April, 1981, at the rates specified in Paragraph C of the Schedule; and (iv) for the assessment year commencing on the 1st day of April 1982 and the assessment year commencing on the 1st day of April 1983, at the rates specified in Paragraph D of the Schedule." 3. Amendment of the Schedule.-- In the Schedule to the principal Act,-- (a) before the proviso, the following Paragraph shall be inserted, namely:-- Paragraph D (i) Where the current income exceeds Rs. 15,000 but does not exceed Rs.25,000. 4.5 per cent. of the current income.; (ii) Where the current income exceeds Rs.25,000 but does not exceeds Rs.35,000 .....

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Amending Act 2

Title: Compulsory Deposit Scheme (Income-tax Payers) Amendment Act, 1985

State: Central

Year: 1974

THE COMPULSORY DEPOSIT SCHEME (INCOME-TAX PAYERS) AMENDMENT ACT, 1985 [Act, No. 25 of 1985] [30th March, 1985 PREAMBLE] An Act further to amend the Compulsory Deposit Scheme (Income) tax Payers) Act, 1974. BE it enacted by Parliament in the Thirty-sixty Year of the Republic of India as follows:-- 1 . Short title.-- This Act may be called the Compulsory Deposit Scheme (Income-tax Payers) Amendment Act, 1985. 2 . Amendment of section 8.-- In section 8 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, (38 of 1974) in sub-section (1),-- (a) in the proviso, for the words "Provide that", the words "Provided further that" shall be substituted; (b) before the proviso as so amended, the following proviso shall be inserted, namely:-- "Provided that no depositor shall be entitled to withdraw before the expiry of the financial year 1985-86 any amount which, in accordance with the foregoing provisions of this sub-section, is repayable or payable during that financial year and the provisions of sub-section (2) shall apply in relation to such amount as they apply in relation to any amount referred to in that subsection:".

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Complete Act

Title: Compulsory Deposit Scheme (Income Tax Payers) Act, 1974,

State: Central

Year: 1974

.....of wealth-tax Section8 - Repayment of compulsory deposit Section9 - Intimation regarding compulsory deposit Section10 - Penalty for failure to make compulsory deposit Section11 - Authorities Section12 - Appeals and revisions Section12A - Special review in certain cases Section13 - Rectification of mistakes Section14 - Collection and recovery of compulsory deposit and penalty Section15 - Rounding off Section16 - Applicability of Chapter XV of Income-tax Act Section17 - Protection against attachment Section18 - Protection of action taken in good faith Section19 - Compulsory Deposit Scheme Section20 - Power to remove difficulties Section21 - Repeal and saving ScheduleI - SCHEDULE Amending Act1 - COMPULSORY DEPOSIT SCHEME (INCOME-TAX PAYERS) AMENDMENT ACT, 1981 Amending Act2 - COMPULSORY DEPOSIT SCHEME (INCOME-TAX PAYERS) AMENDMENT ACT, 1985

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Preamble 1

Title: Compulsory Deposit Scheme (Income Tax Payers) Act, 1974

State: Central

Year: 1974

THE COMPULSORY DEPOSIT SCHEME (INCOME TAX PAYERS) ACT, 1974 [Act, No. 38 of 1974] [1st September, 1974] PREAMBLE An Act to provide, in the interest of national economic development, for compulsory deposit by certain classes of income-tax payers and for the framing of a scheme in relation thereto, mid for matters connected there with or incidental thereto. BE it enacted by Parliament in the Twenty-fifth Year of the Republic of India as follows :--

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974 Complete Act

State: Central

Year: 1974

.....this Act; (b) "deposit" means a deposit of money. (c) "depositor" means a person who is liable to make a compulsory deposit; (d) "Income-tax Act" means the Income-tax Act, 1961; 1[(dd) "Income-tax Officer" has the same meaning as in clause (25) of section 2 of the Income-tax Act, and includes an Inspecting Assistant Commissioner who exercises or performs the powers or functions conferred on or assigned to him under section 125orsection 125Aof the said Act.] (e) all other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings, respectively assigned to them in that Act. SECTION 03: PERSONS LIABLE TO MAKE COMPULSORY DEPOSITS - (1) Subject to the provisions of this Act, the persons specified in sub-section (2) shall be liable to make compulsory deposits2[for the assessment year commencing on the 1st day of April, 1975 and every subsequent assessment year (not being an assessment year commencing on or after the3 [1st day of April, 1986].) (2) The persons referred to in sub-section (1) are the following namely:- (a) every person, being- (i) an individual, who is a citizen of India; (ii) a Hindu undivided family; .....

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Section 1

Title: Short Title, Extent and Commencement

State: Central

Year: 1974

(1) This Act may be called The Cumpulsory Deposit Scheme (Income-tax Payers) Act 1974. (2) It extends to the whole of India. (3) It shall he deemed to have come into force on the 17th day of July, 1974.

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Section 4

Title: Requirement as to Compulsory Deposit

State: Central

Year: 1974

.....after the 1st day of April, 1986), at the rates specified in Paragraph D of the Schedule.]] (2) Where in the case of any person specified in Sub-section (2) of Section 3, a deduction is required to be made under the Additional Emoluments (Compulsory Deposit) Ordinance, 1974, the amount of the compulsory deposit which such person is liable to make under this Act for any assessment year shall be reduced by the amount deducted under that Ordinance during the financial year immediately preceding that assessment year; and where such deduction is equal to or exceeds the amount of such compulsory deposit, it shall not be necessary for such person to make a compulsory deposit for that assessment year. Explanation.-- When any Central Act repeals and replaces (with or without any modification) the Additional Emoluments (Compulsory Deposit) Ordinance, 1974, the references to the said Ordinance in this sub-section shall be construed as references to such Central Act. (3) For the purposes of this section, "current income", in relation to an assessment year, means,-- (a)2[in a case where a statement is sent by the person under Clause (a) of Sub-section (1) of Section 209A of the.....

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Section 8

Title: Repayment of Compulsory Deposit

State: Central

Year: 1974

.....shall carry interest for the period it is not withdrawn as if it were a compulsory deposit, and the provisions of this Act shall, so far as may be, apply in relation to such amount or interest thereon as they apply in relation to a compulsory deposit or as the case may be, interest on such deposit.] ________________________ 1. Section 8 renumbered as Sub-section(1) thereof and after Sub-section (1) so renumbered, Sub-section (2) inserted by Financial (No. 1) Act (44 of 1980),section 53(c) w.e.f. 1-4-1981. 2. Substituted for the words "provided that" and proviso inserted by the Compulsory Deposit Scheme (Income-tax Payers) Amendment Act (25 of 1985),section2 w.e.f. 30-3-1985. 3. Inserted by the Finance Act (16 of 1981),section 53(c) w.e.f. 1-6-1981. 4. Substituted for Clauses (i) and (ii) by the Finance Act (11 of 1983),section 59(d) w.e.f. 1-6-1983.

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Section 19

Title: Compulsory Deposit Scheme

State: Central

Year: 1974

.....notification issued under Sub-section (3) shall have effect notwithstanding anything contained in any law for the time being in force (other than this Act) or any instrument having effect by virtue of any law other than this Act. (6) Every scheme framed under Sub-section (1) and every notification issued under Sub-section (3) shall be laid, as soon as may be, after it is framed or issued before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if before the expiry of the session immediately following the session or the successive sessions aforesaid both Houses agree in making any modification in the scheme or notification or both Houses agree that the scheme or notification should not be framed or issued, the scheme or notification shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that scheme or notification.

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Section 21

Title: Repeal and Saving

State: Central

Year: 1974

(1) The Compulsory Deposit Scheme (Income-tax Payers) Ordinance, 1974, is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.