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TMI BlogInsertion of new Chapter XXIIAX X X X Extracts X X X X X X X X Extracts X X X X ..... regate of the following amounts, if any, included therein, namely:- (i) any income chargeable under the head "Salaries"; (ii) if the depositor is a partner of an unregistered firm which is liable to make an annuity deposit for the relevant assessment year, the amount of his share in the profits and gains of the firm computed in the manner laid down in, section 67; (iii) if the depositor is a member of an association of persons or a body of individuals (other than a Hindu undivided family or a firm which is liable to make an annuity deposit for the relevant assessment year, the amount which he is entitled to receive from the association or body; (iv) any compensation or other payment referred to in clause (ii) of section 28; and (v) any income chargeable under the head "Capital gains"; (b) in relation to the assessment year commencing on the 1st day of April, 1965, or any subsequent assessment year, means the amount of total income computed without making any allowance under section 280O and reduced by the aggregate of the following amounts, if any, included therein, namely:- (i) any sum which under the provisions of sub-clause (vii) of clause (1) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment is made. 280E. Computation of advance deposit. The amount of advance deposit to be made by a depositor in the financial year shall be computed as follows:- (a) (i) his total income for the latest previous year in respect of which he has been assessed by way of regular assessment shall first be ascertained; (ii) the amount of income of the nature referred to in sub-clause (b)(i) or sub-clause (b)(ii) or sub-clause (b)(iii) or sub-clause (b) (iv) or sub-clause (b)(v) of clause (1) of section 280B, if any, included in such income shall be deducted therefrom, and on the balance annuity deposit shall be calculated at the rates in force in the financial year; (iii) the amount of annuity deposit calculated in accordance with sub-clause (ii) shall, subject to the provisions of clauses (b) and (c), be the advance deposit to be made; (b) in cases where an estimate of the adjusted total income is sent by the depositor under sub-section (1) or sub-section (2) or sub-section (3) of section 280H, the total income on the basis of which such adjusted total income is so estimated shall, for the purposes of calculation of advance deposit under this section, be substituted for the to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (1) If a depositor, who is required to make advance deposit by an order under section 280F, estimates at any time before the last instalment is due that his adjusted total income for the period which would be the previous year for the immediately following assessment year, is less than the income in respect of which he is required to make such deposit, and accordingly wishes to make a deposit of an amount less than the amount which he is so required to deposit, he may send to the Income-tax Officer- (i) an estimate of the adjusted total income of the said previous year; (ii) an estimate of the advance deposit to be made by him calculated in the manner laid down in section 280E; and shall make such deposit as accords with his estimate in equal instalments on such of the dates specified in section 211 as applied to advance deposit by section 280G as have not expired or in one sum if only the last of such dates has not expired. (2) The depositor may send a revised estimate of the advance deposit to be made by him and adjust any excess or deficiency in respect of any instalment already paid in a subsequent instalment or in subsequent instalments. (3) A depositor who has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f annuity deposit, if any, required to be made by the depositor on the basis of the income so assessed after taking into account the amount of annuity deposit, if any, already made by him in respect of that assessment year. 280L. Special provisions for the assessment year 1964-65. (1) If the total income of a depositor for the previous year relevant to the assessment year commencing on the 1st day of April, 1964 (such total income being computed without making any allowance under section 280O) exceeds fifteen thousand rupees and he does not furnish a return under section 139 before the 1st day of March, 1965 and no regular assessment under section 144 is made before the said 1st day of March, he shall send to the Income-tax Officer- (i) an estimate of the adjusted total income of the said previous year; (ii) an estimate of annuity deposit to be made by him calculated in the manner laid down in section 280E; and shall make such deposit as accords with his estimate on or before the 31st day of March, 1965. (2) An estimate under this section shall be sent in the prescribed form and verified in the prescribed manner. 280M. Recomputation of annuity deposit and adjustment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sit required to be made shall be allowed as a deduction in computing earned income chargeable under any other head, and if there is no earned income chargeable under any other head or the whole or the balance of the annuity deposit required to be made exceeds such earned income, the whole or balance of the annuity deposit required to be made shall be allowed as a deduction in computing any other income under any head. Explanation.- In this sub-section, the expression "earned income" has the meaning assigned to it in the Finance Act of the relevant year. 280P. Annuity deposit deductible In computing income under the head "Salaries' for purposes of section 192. Any person responsible for paying any income chargeable under the head "Salaries" to a resident shall, at the time of payment, deduct income-tax and super-tax under section 192 as if the estimated income referred to in sub-section (1) of that section had been reduced by the amount of advance deposit, if any, to be made by the assessee at the rates in force in the financial year concerned in respect of such income, whether such advance deposit has or has not been made. 280Q. Rounding off. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hapter or any scheme framed thereunder, relating to interest payable by the Central Government on refunds and interest payable by the assessee in default or those relating to imposition of penalty shall not apply in relation to any sum due under this Chapter. 280T. Recovery of arrears of deposit and penalty. For the removal of doubts, it is hereby declared that any arrear of annuity deposit and any penalty imposed under this Chapter shall be recoverable in the manner provided in Chapter XVII-D for the recovery of arrears of tax. 280U. Special provisions for authors, playwrights, artists, musicians and actors. Any individual, being an author, playwright, artist, musician or actor, may, in addition to the amount of annuity deposit required to be made by him in respect of any assessment year, make a further deposit of an amount not exceeding twenty-five per cent. of his adjusted total income assessable for that assessment year, and if he does so, the further deposit made by him, shall, for the purposes of this Chapter, be included in the annuity deposit required to be made by him. 280V. Special provisions relating to gratuity. Where the total income of a depositor assessab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g any modification in any provision of the scheme or both Houses agree that any provision in the scheme should not be made, that provision of the scheme shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under that provision. 280X. Option in certain cases. (1) Notwithstanding anything contained in this Chapter, any depositor may, on or before the 30th day of June of the assessment year in which he first becomes liable to make an annuity deposit, by notice in writing to the Income-tax Officer, declare (such declaration being final for that assessment year and all assessment years thereafter) that the provisions of this Chapter shall not apply to him and if he does so, the provisions of this Chapter [other than sub-section (2)] shall not apply to him for any assessment year in relation to which such option has effect: Provided that in relation to the assessment year commencing on the 1st day of April, 1964, this sub-section shall have effect as if for the words, figures and letters "the 30th day of June" ..... X X X X Extracts X X X X X X X X Extracts X X X X
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