Section 4 in The Compulsory Deposit Scheme (Income Tax Payers) Act, 1974
4. Requirement as to compulsory deposit.
(1)Where, in relation to an assessment year referred to in subsection (1) of section 3, the current income of any person, being an individual or a Hindu undivided family or a trustee specified in clause (a) of sub- section (2) of that section, exceeds fifteen thousand rupees, such person, or if 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 Act and any scheme framed thereunder, a compulsory deposit,-(i)for the assessment year commencing on the 1st day of April 1975 and the assessment year commencing on the 1st day of April, 1976 , at the rates specified in Paragraph A of the Schedule.(ii)for the assessment year commencing on the 1st day of April, 1977 and the assessment year commencing on the 1st day of April 1978 , at the rates specified in Paragraph B of the Schedule;(iii)for the assessment year commencing on the 1st day of April, 1979 , the assessment year commencing on the 1st day of April, 1980 , and the assessment year commencing on the 1st day of April, 1981 , at the rates specified in Paragraph C of the Schedule; and(iv)for the assessment year commencing on the 1st day of April, 1982 , at the rates specified in Paragraph D of the Schedule."](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 , (8 of 1974 .) the amount of the compulsory deposit which such person is liable to make under this Act 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.Explanation.-- When any Central Act repeals and replaces (with or without any modification) the Additional Emoluments (Compulsory Deposit) Ordinance, 1974 , (8 of 1974 .) the references to the said Ordinance in this sub- section shall be construed as references to such Central Act.(3)For the purposes of this section," current income", in relation to an assessment year, means,-in a case where a statement is sent by the person Al clause (a) of sub- section (1) of section 209A of the Income- tax Act in the financial year immediately preceding that assessment year or where the Income- tax Officer has made an order under sub- section (1) or sub- section (3) of section 210 of that 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 section 209A or, as the case may be, 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 and in clause (c) of section 115C] 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 and in clause (c) of section 115C] 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 section 209A or 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 and in clause (c) of section 115C] of the Income- tax Act] as estimated by him of the period which would be the previous year for that assessment creased by the net agricultural income, if any, of that 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 rot 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 2 and in clause (c) of section 115C] of the Income- tax Act] as increased by the net agricultural income, if any, of that period, as estimated by him. Explanation.- In this sub- section,, net agricultural income" means the net agricultural income as defined in the- Finance Act of the relevant year.
