Compulsory deposit Scheme (Income-tax Payers) Act, 1974 and the Scheme framed thereunder--Erroneous deposit made--Refund thereof--Procedure regarding.

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..... eof--Procedure regarding. 1. Under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, persons mentioned in section 3(2) of the said Act are required to make compulsory deposit for the assessment year commencing on the 1st day of April, 1975, and 1st day of April, 1976, provided their current income exceeds Rs.15,000 at the rates specified in the Schedule appended to the Act. 2. Insta .....

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..... tails of the deposit, viz., amount and date of deposit, account number allotted by the deposit office and reasons for seeking the refund and evidence in support of the income. The application should be accompanied by the original receipt granted by the deposit office (in Form "B" appended to the Scheme) and the pass book. 4. The deposit officers are required to verify the particulars of the depo .....

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..... ffice, the Income-tax Officers may initiate appropriate penal action wherever necessary in accordance with the provisions of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, and the Scheme framed thereunder. 6. Necessary instructions may please be issued to all Income-tax Officers working in your charge. (Sd.) T.P. Jhunjhunwala, Secretary, Central Board of Direct Taxes. - Circu .....

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