The Compulsory Deposit Scheme (Income-Tax Payers) Act, 1974

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The Compulsory Deposit Scheme (Income-Tax Payers) Act, 1974

THE COMPULSORY DEPOSIT SCHEME (INCOME-TAX PAYERS) ACT, 1974 ACT NO. 38 OF 1974

[1st September, 1974.]

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, and for matters connected therewith of incidental thereto.

BE it enacted by Parliament in the Twenty-fifth Year of the Republic of India as follows: -

Short title, extent and commencement.

1. Short title, extent and commencement. (1) This Act may be called the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974.

(2) It extends to the whole of India.

(3) It shall be deemed to have come into force on the 17th day of July, 1974.

Definitions.

2. Definitions. In this Act, unless the context otherwise requires,-

(a) "compulsory deposit" means compulsory deposit under this Act;

(b) "deposit" means a deposit of money;

(d) "Income-tax Act" means the Income-tax Act, 1961; (43 of 1961.)

4[(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 125 or section 125A of the said Act;]

(e) all other words and expression herein but not defined and defined in the Income-tax Act shall have the meanings, respectively, assigned to them in that Act.

Persons liable to make compulsory deposits.

3. 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 deposits 2["for the assessment year commencing on the 1st day of April, 1975 and every subsequent assessment year (not b...

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