Amendment of section 280C

Section 29 of the Finance Act, 1966 deals with amendment of section 280C. Amendment of section 280C 29. In section 280C. The Act was enacted on 13 May 1966.

Amendment of section 280C

29. In section 280C. of the Income-tax Act, for sub-section (2), the following sub-section shall be substituted, namely;—

"(2) In respect of the adjusted total income in relation to which an annuity deposit is to be made under sub-section (1), such deposit shall—

(i) in respect of the adjusted total income of the previous. year or previous years relevant to the assessment year commencing on the 1st day of April, 1966, or any earlier assessment year, be made in advance in accordance with the provisions of sections 280E to 280I;

(ii) in respect of the adjusted total income of the previous year or previous years relevant to the assessment year commencing on the 1st day of April, 1967, or any subsequent assessment year, be made by such person at any time (in one sum on in instalments of his choice) during the financial year immediately preceding such assessment year at the rate or rates specified in this behalf in the annual Finance Act;

Provided that the Income-tax Officer may, in such cases, under such circumstances and subject to such conditions as may be specified in a scheme framed under section 280W, allow a depositor to make a deposit or a further deposit at any time after the expiry of the financial year referred to in clause (ii) and any deposit or further deposit so made shall be deemed to be an annuity deposit for the relevant assessment year for the purposes of this Chapter.".

[Finance Act, 1966]

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Section 29, The Finance Act, 1966 (Act 13 of 1966).