Section 53 - Amendment of Act 38 of 1974 - Finance Act, 1981

CHAPTER V MISCELLANEOUS 53. Amendment of Act 38 of 1974 In the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, - (a) in section 3, in sub-section (1), for the figures, letters and words 1st day of April, 1982 , the figures, letters and words 1st day of April, 1984 shall be substituted; (b) in section 4, in sub-section (1), in clause (iii), for the figures, letters and words 1st day of April, 1982 , the figures, letters and words 1st day of April, 1984 shall be substituted; (c) in section 8, with effect from the 1st day of June, 1981, - (i) after sub-section (1), the following sub-section shall be inserted, namely :- (1A) Notwithstanding anything contained in sub-section (1), - (a) the amount of compulsory deposit made by or recovered from an individual; or (b) the amount of compulsory deposit made by or recovered from any person who is assessable under the Income-tax Act in respect of the total income of an individual, on behalf of such individual, shall, to the extent it has remained unpaid, be repayable; together with interest thereon, - (i) where such individual has attained the age of seventy years before the 1st day of April, 1981, on the 1st day of June, 1981; and (ii) in any other case, on the 1st day of the financial year immediately succeeding the financial year in which such individual attained seventy years of age. ; (ii) in sub-section (2), after the words, brackets and figure under sub-section (1), , the words, brackets, figure and letter or sub-section (1A), shall be inserted.