(1) Subject to the provisions of this Ordinance, the persons specie tied in sub-section (2) shall be liable to make compulsory deposits for the assessment year commencing on the 1st day of April, 1975 and the assessment year commencing on the 1st day of April, 1978.
Persons liable to make compulsory deposits.
(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;
(iii) a trustee appointed under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise (including any Wakf deed which is valid under the Mussalman Wakf Validating Act, 1913), if the income in respect of which the trustee is liable to income-tax as a representative assessee or any part thereof Is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable are indeterminate or unknown: and 6 of 1&13.
(fa) every person who is assessable under the Income-tax Act in respect of the total income of an individual, or a Hindu undivided family or a trustee specified in clause (ft).
fi. ('I) Where, in relation to an assessment year referred to in subsection (1) of section. 3, the current income of any person, being an individual cr a Hindu undivided family or a trustee specified in clause (p) of sub-section (2) of that section, exceeds fifteen thousand rupees, such person, or Ti any other person is assessable under the Income-tax Act in respect of the total income of such person, the person so assessable, shall make, in accordance with and subject to the provisions of this Ordinance and any scheme framed thereunder, a compulsory deposit for that assessment year at the rates specified in the Schedule.
Requirement as to compulsory deposit.
SKC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 489
(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 Ordinance 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.
8 of 1974.
(3) For the purposes of this section, "current income", in relation to an assessment year, means,—
(a) in a case where the Income-tax Officer has made an order under sub-section (1) or sub-section (3) of section 210 of the Incometax Act requiring the person to pay advance tax during the financial year immediately preceding that assessment year and the person has not sent an estimate under sub-section (?) or sub-section (2) or subsection (8 A) of section 212 of that Act,—-
(i) if the total income of the latest previous year In respect of which the person has been assessed by way of regular assessment forms the basis of computation of advance tax payable by him, such total income [exclusive of capital gains and income referred to in sub-clause (ix) of clause (24) of section 2 of the Income-tax Act! as increased by the net agricultural income, if any, which has been taken into account for the purposes of charging income-tax for the assessment year relevant to that previous year; or
(ii) if the total income of the previous year on the basis of which income-tax has been paid by the person under section 140A of the Income-tax Act forms the basis of computation of advance tax, such total income [exclusive of capital gains and income referred to in sub-clause (ix) of clause (24) of section 2 of the Income-tax Act] as increased by the net agricultural income, if any, returned by the person in the return of income for the assessment year relevant to that previous year;
(b) in a case where an estimate is sent by the person under subsection (I) or sub-section (2) or sub-section (3) or sub-section (3A) of section 212 of the Income-tax Act, the total income [exclusive of capital gains and income referred to in sub-clause (ix) of clause (24) of section 2 of the Income-tax Act] as estimated by him, of the period which would be the previous year for that assessment year, as increased by the net agricultural income, if any, of that period, as estimated by him;
(c) in any other case, if the total income of the person, as estimated by him, of the period which would be the previous year for that assessment year exceeds the maximum amount not chargeable to income-tax in his case, such total income [exclusive of capital gains and income referred to in sub-clause (ix) of clause (24) of section 2 of the Income-tax Act], as increased by the net agricultural income, if any, of that period, as estimated by him.
490 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
Explanation,—In this sub-section, "net agricultural income" means the net agricultural income as defined in the Finance Act of the relevant year.
15. A depositor shall make the compulsory deposit for an assessment year referred to in sub-section (1) of section 3,— Time for making compul.
sory depo, sit.
(a) in a case where such depositor is required to pay advance tax under the Income-tax Act in the financial year immediately preceding that assessment year, at any time (in one sum or in instalments of his choice) before the expiry of the date on which the last instalment of advance tax is payable by him in accordance with the provisions of section 211 or, as the case may be, sub-section (3A) Qf section 212 of that Act;
(b) in any other case, at any time (in one sum or in instalments of his choice) before the end of the financial year immediately preceding that assessment year.