SCH-03 - Third Schedule - Finance Act, 1966

THE THIRD SCHEDULE (See section 32) Further amendments in the Income-tax Act Section 156.- Omit (including annuity deposit referred to in Chapter XXIIA) with affect from the 1st day of April, 1967. Section 246.-In clause (o),- (a) in sub-clause (v), omit or ; (b) omit sub-clause (vi): with effect from the 1st day of April, 1967. Section 280E.-Re-number the existing Explanation as Explanation 1, and after Explanation 1 as so re-numbered, insert- Explanation 2.-The provisions of this section and of sections 280F to 280I shall not apply in respect of the financial year commencing on the 1st day of April, 1966 or any subsequent financial year. . Omit sections 280J, 280K, 280R and 280T with effect from the 1st day of April, 1967. Section 280M.- For sub-section (2), substitute with effect from the 1st day of April, 1967- (2) Where any depositor has deposited any amount for any assessment year which he is not liable to deposit under the provisions of this Chapter or which is in excess of the amount required to be deposited under the said provisions for that year, then, the entire amount or excess amount, as the case may be, may be refunded, adjusted or otherwise dealt with in such manner and having regard to such factors as may be specified in a scheme framed under section 280W. . For section 280Q, substitute- 280Q. Rounding off.- The amount of any deposit to be made under this Chapter shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten. . Section 280W.- After clause (a) of sub-section (2), insert- (aa) the cases in which, the circumstances under which and the conditions subject to which, the Income-tax Officer may, under the proviso to clause (ii) of sub-section (2) of section 280C, allow a depositor to make a deposit or a further, deposit after the expiry of the financial year immediately preceding the assessment year; . S. P. SEN-VARMA, Secy. to the Govt, of India.