Section 36 - Amendment of Act 38 of 1974 - Finance (No. 2) Act, 1977

36. Amendment of Act 38 of 1974 In the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, - (a) in section 3, - (i) in sub-section (1), for the words, figures and letters for the assessment year commencing on the 1st day of April, 1975, the assessment year commencing on the 1st day of April, 1976 and the assessment year commencing on the 1st day of April, 1977. , the words, figures, letters and brackets 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, 1980). shall be substituted; (ii) after sub-section (2), the following sub-section shall be inserted w.e.f. the 1st day of Sept., 1977, namely :- (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 seventy years of age on the first day of the financial year immediately preceding that assessment year. ; (b) in section 4, in sub-section (1), for clause (ii), the following clause shall be substituted, namely : (ii) for the assessment year commencing on the 1st day of April, 1977 and every subsequent assessment year (not being an assessment year commencing on or after the 1st day of April, 1980), at the rates specified in Paragraph B of the Schedule. .