Section 3 in The Compulsory Deposit Scheme (Income Tax Payers) Act, 1974
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 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 the 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;(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 ), (6 of 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(b)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 (a).(3)Notwithstanding anything contained in sub- section (1),-(a)an individual specified in sub- clause (i) of clause (a) of sub- section (2), or(b)any person specified in clause (b) of sub- section (2) who is assessable under the Income- tax Act in respect of the total income of the individual aforesaid, shall not be liable to make any compulsory deposit for any assessment year where, in either case, such individual is more than[ sixty- five years] 8 of age on the first day of the financial year immediately preceding that assessment year".
