Section 5 - Amendment of Act 20 of 1967 - Taxation Laws (Amendment) Act, 1967

5. Amendment of Act 20 of 1967. In the Finance (No. 2) Act, 1967, (i) in section 3, for sub-section (1), the following sub-section shall be, and shall be deemed always to have been, substituted, namely: (1) Save as otherwise provided in Chapter XXIIA of the Income-tax Act, annuity deposit shall be made by every person to whom the provisions of that Chapter apply- (a) for the assessment year commencing on the 1 st day of April, 1967, at the rate or rates specified in Part I of the Second Schedule; and (b) during the financial year commencing on the 1st day of April, 1967 (in relation to the adjusted total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1968), at the rate or rates specified in Part II of the Second Schedule. ; (ii) for the Second Schedule, the following Schedule shall be, and shall be deemed always to have been, substituted, namely: THE SECOND SCHEDULE (See section 3) PART I RATES OF ANNUITY DEPOSIT FOR THE ASSESSMENT YEAR 1967-68 (i) In the case of any depositor whose total income does not exceed Rs. 15,000 Nil. (ii) In the case of any depositor whose total income exceeds Rs. 15,000 but does not exceed Rs. 20,000 5 per cent. of the adjusted total income: Provided that the annuity deposit to be made shall in no case exceed half the amount by which the total income exceeds Rs. 15,000. (iii) In the case of a depositor whose total income exceeds Rs. 20,000 but does not exceed Rs. 40,000 7 1/2 per cent. of the adjusted total income: Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely : (a) an amount calculated at five per cent. on so much of the adjusted total income as does not exceed Rs. 20,000; (b) one-half of the amount by which the total income exceeds Rs. 20,000. (iv) In the case of a depositor whose total income exceeds Rs. 40,000 but does not exceed Rs. 70,000 10 per cent. of the adjusted total income : Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely : (a) an amount calculated at seven and a half per cent. on so much of the adjusted total income as does not exceed Rs. 40,000; (b) one-half of the amount by which the total income exceeds Rs 40,000. (v) In the case of a depositor whose total income exceeds Rs. 70,000 12 1/2 Per cent. of the adjusted total income; Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely: (a) an amount calculated at ten per cent. on so much of the adjusted total income as does not exceed Rs. 70,000; (b) one-half of the amount by which the total income exceeds Rs. 70,000. PART II RATES OF ANNUITY DEPOSIT TO BE MADE DURING THE FINANCIAL YEAR 1967-68 (i) In the case of any depositor whose total income does not exceed Rs. 15,000 Nil. (ii) In the case of any depositor whose total income exceeds Rs. 15,000 but does not exceed Rs. 20,000 6 per cent. of the adjusted total income : Provided that the annuity deposit to be made shall in no case exceed half the amount by which the total Income exceeds Rs. 15,000. (iii) In the case of a depositor whose total income exceeds Rs. 20,000 but does not exceed Rs. 40,000 9 per cent. of the adjusted total income; Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely: (a) an amount calculated at six per cent. on so much of the adjusted total income as does not exceed Rs. 20,000; (b) one-half of the amount by which the total income exceeds Rs. 20,000. (iv) In the case of a depositor whose total income exceeds Rs. 40,000 but does not exceed Rs. 70,000 12 per cent. of the adjusted total income Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely: (a) an amount calculated at nine per cent. on so much of the adjusted total income as docs not exceed Rs. 40,000; (b) one-half of the amount by which the total income exceeds Rs. 40,000. (v) In the case of a depositor whose total income exceeds Rs. 70,000 15 per cent. of the adjusted total income : Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely: (a) an amount calculated at twelve per cent. on so much of the adjusted total income as does not exceed Rs. 70,000; (b) one-half of the amount by which the total income exceeds Rs. 70,000. Explanation. In this Schedule, total income means total income computed in the manner laid down in the Income-tax Act without making any allowance under section 280O of that Act. .