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Start Free TrialCompulsory 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
List Judgments citing this sectionCompulsory Deposit Scheme (Income Tax Payers) Act, 1974, Section 10
Title: Penalty for Failure to Make Compulsory Deposit
State: Central
Year: 1974
.....in Sub-section (1) of Section 3, any person who is liable to make a compulsory deposit [being a person falling under Clause (a) or Clause (b) of Sub-section (3) of section 4]-- (a)1[has, without reasonable cause, failed to make] the compulsory deposit within the time allowed under section 5, or (b) has made the compulsory deposit within such time but the deposit so made falls short of2[the requisite amount and there is no reasonable cause for making such short payment], the3[Income-tax Officer may], by order in writing, direct that such person shall pay, by way of penalty, a sum-- (i) which, in the case referred to in Clause (a), shall be equal to twenty-five per cent of the compulsory deposit which he is liable to make; and (ii) which, in the case referred to in Clause (b), shall be equal to twenty-five per cent of the amount by which the compulsory deposit made by him falls short of the requisite amount. (2) If, in relation to an assessment year referred to in Sub-section (1) of Section 3, the correct income of a person falling under Clause (c) of Sub-section (3) of Section 4, exceeds fifteen thousand rupees and such person,-- (a)1[has, without reasonable cause,.....
View Complete Act List Judgments citing this sectionAdd Emoluments Compulsory Deposit Act 1974 Section 6
Title: Duty of Employer or Other Person to Make Deductions of Additional Wages and Additional Dearness Allowance from Emoluments
State: Central
Year: 1974
.....day; and (b) in the case of additional dearness allowance, for a period of1[three years] from the appointed day. (2) On the commencement of this section,-- (a) every employer, who draws, from the Consolidated Fund of India or of any State or of any Union territory having a Legislative Assembly, and disburses, after the appointed day, emoluments of an employee to whom this Act applies, shall, as and when emoluments are disbursed by him for any period, deduct from the emoluments so disbursed, the whole of the additional wages and one-half of the additional dearness allowance and credit the amount so deducted, in accordance with the scheme, to the Additional Wages Deposit Account and the Additional Dearness Allowance Deposit Account, respectively; (b) every other employer, who disburses, after the appointed day, emoluments to any employee to whom this Act applies, shall, as and when emoluments are disbursed by him for any period, deduct from the emoluments so disbursed, the whole of the additional wages and one-half of the additional dearness allowance, and shall remit, in accordance with the scheme, the amounts so deducted to the nominated authority and on receipt of such.....
View Complete Act List Judgments citing this sectionCompulsory 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.
View Complete Act List Judgments citing this sectionCompulsory Deposit Scheme (Income Tax Payers) Act, 1974, Section 14
Title: Collection and Recovery of Compulsory Deposit and Penalty
State: Central
Year: 1974
.....the deposit or payment or allow the deposit or payment to be made by instalments subject to such conditions as he may think fit to impose in the circumstances of the case. (3) If a depositor fails to make the compulsory deposit within the time allowed under Section 5, or if he fails to deposit or, as the case may be, pay the amount which he is required to deposit or pay by notice under Sub-section (1) within the time allowed under Sub-section (2) (whether fixed originally or on extension), at the place and with or to the person mentioned in the said notice, the depositor shall be deemed to be in default. (4) Any arrear of compulsory deposit and any penalty imposed under this Act shall be recoverable in the manner provided in Chapter XVII-D of the Income-tax Act for recovery of arrears of tax and for this purpose the provisions of that Chapter shall apply as if references to the assessee therein were references to the depositor.
View Complete Act List Judgments citing this sectionTransfer of Evacuee Deposits Act, 1954 [Repealed] Complete Act
Title: Transfer of Evacuee Deposits Act, 1954 [Repealed]
State: Central
Year: 1954
Preamble1 - TRANSFER OF EVACUEE DEPOSITS ACT, 1954 Section1 - Short title, extent and commencement Section2 - Definitions Section3 - Appointment of custodian and Assistant custodians of Deposits Section4 - Transfer of deposits in mass migration area Section5 - Procedure for transfer of certain other deposits to Pakistan Section6 - Transfer of records relating to transferable deposit Section7 - Power of court or Custodian to convert deposits into money before transmission to Pakistan Section8 - Cesser of jurisdiction in respect of deposits transferred Section9 - Reception in India of deposits transferred from Pakistan Section10 - Powers of Custodian Section11 - Jurisdiction of civil courts barred Section12 - Protection of action taken in good faith Section13 - Power to make rules Section14 - Repeal of Ordinance 6 of 1954 Repealing Act1 - REPEALING AND AMENDING ACT, 1960
List Judgments citing this sectionAdd Emoluments Compulsory Deposit Act 1974 Section 14
Title: Penalties
State: Central
Year: 1974
.....fine which shall not be less than the amount which has not been credited to a Deposit Account or remitted to the nominated authority as required by this Act, and the interest due there on, calculated at the rate specified in sub-section (1) of section 7, but may extend to twice the said amount and the interest due thereon, and out of the fine, if realised, the court trying the offence shall cause an amount equal to the amount which has not been credited to a Deposit Account or remitted to the nominated authority with interest due thereon, to be remitted to the nominated authority for crediting the same to the appropriate Deposit Account, and on such amount being remitted to the nominated authority, the liability of the employer shall, to the extent of the amount so remitted by the court, stand discharged. (3) Whoever contravenes any provision of this Act or any scheme or order made hereunder for which no penalty has been separately provided for shall be punished with imprisonment for a term which may extend to six months, or with fine which may extend to one thousand rupees, or with both.
View Complete Act List Judgments citing this sectionCompulsory Deposit Scheme Act 1963 Complete Act
Title: Compulsory Deposit Scheme Act 1963
State: Central
Year: 1963
Preamble1 - COMPULSORY DEPOSIT SCHEME ACT, 1963 Section1 - Short title, extent and commencement Section2 - Persons to whom Act applies Section3 - Definitions Section4 - Requirement as to compulsory deposit Section5 - Compulsory Deposit Scheme Section6 - Modification of Scheme Section7 - Rounding off Section8 - Power to suspend, reduce or remit the amount of compulsory deposit Section9 - Power to exempt Section10 - Power to delegate Section11 - Protection against attachment Section12 - Penalty for failure to make deposit Section13 - Recovery of arrears of deposit and penalty Section14 - Protection of action taken in good faith Section15 - Power to remove difficulties Section16 - Scheme to be laid before the House of Parliament
List Judgments citing this sectionDeposit Insurance Corporation (Amendment) Act.1968 Section 7
Title: Insertion of New Sections 13a, 13b, 13c and 13d
State: Central
Year: 1968
.....of the Reserve Bank- (i) a compromise or arrangement sanctioned by a competent authority in respect of the co-operative bank cannot be worked satisfactorily with or without modifications, or (ii) the continuance of the co-operative bank is prejudicial to the interests of its depositors. (2) With out prejudice to the provisions of any other law for the time being in force, a co-operative band shall, for the purpose of clause (e) of sub- section (1) , be deemed to be unable to pay its debts:- (i) if, on the basis of the returns, statements or information furnished to the Reserve Bank under or in pursuance of the provisions of the Banking Regulation Act, 1949, the Reserve Bank is of opinion that the co-operative bank is unable to pay its debts; or (ii) if the co-operative bank has refused to meet any lawful demand made at any of its offices or branches within two working days, if such demand is made at a place where there is an office, branch or agency of the Reserve Bank, or within five working days if such demand is made elsewhere and, in either case, the Reserve Bank certifies in writing that the co-operative bank is unable to pay its debts". .....
View Complete Act List Judgments citing this sectionCompulsory Deposit Scheme (Income Tax Payers) Act, 1974, Schedule I
Title: Schedule
State: Central
Year: 1974
.....D], where the current income exceeds Rs. 15,000 but does not exceed Rs. 15,710 the compulsory deposit shall is no case exceed the amount by which the current income exceeds Rs. 15,000; (c) where the amount of compulsory deposit calculated in accordance with the foregoing provisions is less than Rs. 100 it shall not be necessary for the taxpayer concerned to make such deposit.]] Explanation.-- In this Schedule, "current income" has the meaning assigned to it in Sub-section (3) of section 4. ________________________ 1. Inserted by Act 66 of 1976, section 43 (c) w.e.f.1-4-76. 2. Substituted for provisos, by Act 66 of 1976, section 43 (c) w.e.f.1-4-76. 3. Substituted for provisos, Act 19 of 1978, Section 40 (c) w.e.f.1-4-78. 4. Inserted by the Compulsory Deposit Scheme (Income-tax Payers) Amendment Act (23 of 1981), section 3 w.e.f. 11-7-1981.
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