Section 8 in The Compulsory Deposit Scheme (Income Tax Payers) Act, 1974
8. Repayment compulsory deposit.
(1)The amount of compulsory deposit made by or recovered from a depositor in any financial year shall be repayable in five equal annual instalments commencing from the expiry of two years from the end of that financial year, together with the interest due on the whole or, as the case may be, part of the amount of the compulsory deposit which has remained unpaid: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 sub- section:"]Provided further that] nothing in this section shall prevent earlier repayment of the deposit or any instalment thereof together with the interest due in any case in which the Income- tax Officer is satisfied that extreme hardship will be caused unless such repayment is made.(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 sixty- five years before the 1st day of April, 1983 , on the 1st day of June, 1983 ; and(ii)in any other case, on the first day of the financial year immediately succeeding the financial year in which such individual attained sixty- five years of age".(2)Where any amount has become repayable or payable under sub- section (1), or sub- section (1A),"] the depositor may, at his option, not withdraw such amount after it has become so repayable or payable, and if he does so, such amount shall carry interest for the period it is not withdrawn as if it were a compulsory deposit, and the provisions of this Act shall, so far as may be, apply in relation to such amount or interest thereon as they apply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.
