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TMI BlogInsertion of new Chapter XXIIAX X X X Extracts X X X X X X X X Extracts X X X X ..... s, if any, included therein, namely:- (i) any income chargeable under the head Salaries ; (ii) if the depositor is a partner of an unregistered firm which is liable to make an annuity deposit for the relevant assessment year, the amount of his share in the profits and gains of the firm computed in the manner laid down in, section 67; (iii) if the depositor is a member of an association of persons or a body of individuals (other than a Hindu undivided family or a firm which is liable to make an annuity deposit for the relevant assessment year, the amount which he is entitled to receive from the association or body; (iv) any compensation or other payment referred to in clause (ii) of section 28; and (v) any income chargeable under the head Capital gains ; (b) in relation to the assessment year commencing on the 1st day of April, 1965, or any subsequent assessment year, means the amount of total income computed without making any allowance under section 280O and reduced by the aggregate of the following amounts, if any, included therein, namely:- (i) any sum which under the provisions of sub-clause (vii) of clause (1) of section 17 is included in salary; (ii) any income chargeable und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income for the latest previous year in respect of which he has been assessed by way of regular assessment shall first be ascertained; (ii) the amount of income of the nature referred to in sub-clause (b)(i) or sub-clause (b)(ii) or sub-clause (b)(iii) or sub-clause (b) (iv) or sub-clause (b)(v) of clause (1) of section 280B, if any, included in such income shall be deducted therefrom, and on the balance annuity deposit shall be calculated at the rates in force in the financial year; (iii) the amount of annuity deposit calculated in accordance with sub-clause (ii) shall, subject to the provisions of clauses (b) and (c), be the advance deposit to be made; (b) in cases where an estimate of the adjusted total income is sent by the depositor under sub-section (1) or sub-section (2) or sub-section (3) of section 280H, the total income on the basis of which such adjusted total income is so estimated shall, for the purposes of calculation of advance deposit under this section, be substituted for the total income referred to in clause (a). (c) in cases where the Income-tax Officer makes an amended order referred to in sub-section (3) of section 280F on the basis of a provisional assessment, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ious year for the immediately following assessment year, is less than the income in respect of which he is required to make such deposit, and accordingly wishes to make a deposit of an amount less than the amount which he is so required to deposit, he may send to the Income-tax Officer- (i) an estimate of the adjusted total income of the said previous year; (ii) an estimate of the advance deposit to be made by him calculated in the manner laid down in section 280E; and shall make such deposit as accords with his estimate in equal instalments on such of the dates specified in section 211 as applied to advance deposit by section 280G as have not expired or in one sum if only the last of such dates has not expired. (2) The depositor may send a revised estimate of the advance deposit to be made by him and adjust any excess or deficiency in respect of any instalment already paid in a subsequent instalment or in subsequent instalments. (3) A depositor who has not previously been assessed by way of regular assessment under this Act, or under the Indian Income-tax Act, 1922 (11 of 1922), shall, before the 1st day of March in each financial year, if his total income of the period which woul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 1964-65. (1) If the total income of a depositor for the previous year relevant to the assessment year commencing on the 1st day of April, 1964 (such total income being computed without making any allowance under section 280O) exceeds fifteen thousand rupees and he does not furnish a return under section 139 before the 1st day of March, 1965 and no regular assessment under section 144 is made before the said 1st day of March, he shall send to the Income-tax Officer- (i) an estimate of the adjusted total income of the said previous year; (ii) an estimate of annuity deposit to be made by him calculated in the manner laid down in section 280E; and shall make such deposit as accords with his estimate on or before the 31st day of March, 1965. (2) An estimate under this section shall be sent in the prescribed form and verified in the prescribed manner. 280M. Recomputation of annuity deposit and adjustment of excess or deficiency. (1) Where as a result of an order of re-assessment or recomputation under section 147 or as a result of an order under section 154 or Section 155 or section 186 or section 250 or section 254 or section 260 or section 262 or Section 263 or sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of the annuity deposit required to be made shall be allowed as a deduction in computing any other income under any head. Explanation.- In this sub-section, the expression earned income has the meaning assigned to it in the Finance Act of the relevant year. 280P. Annuity deposit deductible In computing income under the head Salaries' for purposes of section 192. Any person responsible for paying any income chargeable under the head Salaries to a resident shall, at the time of payment, deduct income-tax and super-tax under section 192 as if the estimated income referred to in sub-section (1) of that section had been reduced by the amount of advance deposit, if any, to be made by the assessee at the rates in force in the financial year concerned in respect of such income, whether such advance deposit has or has not been made. 280Q. Rounding off. The amount of any deposit to be made under this Chapter shall be rounded off to the nearest multiple of five rupees and where such amount contains a part of five rupees, then, if such part is two rupees and fifty naye paise or more, it shall be increased to five rupees and if such part is less than two rupees and fifty naye paise, it sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any arrear of annuity deposit and any penalty imposed under this Chapter shall be recoverable in the manner provided in Chapter XVII-D for the recovery of arrears of tax. 280U. Special provisions for authors, playwrights, artists, musicians and actors. Any individual, being an author, playwright, artist, musician or actor, may, in addition to the amount of annuity deposit required to be made by him in respect of any assessment year, make a further deposit of an amount not exceeding twenty-five per cent. of his adjusted total income assessable for that assessment year, and if he does so, the further deposit made by him, shall, for the purposes of this Chapter, be included in the annuity deposit required to be made by him. 280V. Special provisions relating to gratuity. Where the total income of a depositor assessable for any assessment year includes any gratuity chargeable under the head Salaries , he may, in addition to the amount of annuity deposit required to be made by him in respect of that assessment year, make a further deposit of an amount not exceeding fifty per cent. of the amount of such gratuity, and if he does so, the further deposit made by him, shall, for the purposes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain cases. (1) Notwithstanding anything contained in this Chapter, any depositor may, on or before the 30th day of June of the assessment year in which he first becomes liable to make an annuity deposit, by notice in writing to the Income-tax Officer, declare (such declaration being final for that assessment year and all assessment years thereafter) that the provisions of this Chapter shall not apply to him and if he does so, the provisions of this Chapter [other than sub-section (2)] shall not apply to him for any assessment year in relation to which such option has effect: Provided that in relation to the assessment year commencing on the 1st day of April, 1964, this sub-section shall have effect as if for the words, figures and letters the 30th day of June , the words, figures and letters the 30th day of September were substituted: Provided further that where any such depositor satisfies the Income-tax Officer that he was prevented by sufficient cause from making such declaration within the period allowed therefor, the Income-tax Officer may, with the previous approval of the Inspecting Assistant Commissioner, allow such depositor to make the declaration at any time after the ex ..... 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