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SectionSecond Schedule
The Finance Act, 1966

Second Schedule

In force Act 13 of 1966 As on 17 Oct 2026

Act 13 of 1966 Ministry Finance Enacted 13 May 1966

Section Second Schedule of the Finance Act, 1966 deals with second Schedule. THE SECOND SCHEDULE (See section 3) Rates of annuity deposits (i) In the case of any depositor Whose total income does not exceed Rs. The Act was enacted on 13 May 1966.

THE SECOND SCHEDULE

(See section 3)

Rates of annuity deposits

(i) In the case of any depositor Whose total income does not exceed Rs. 15,000Nil.
(ii) In the case of any depositor whose total income exceeds s. 15,000 but does not exceed Rs. 20,0005 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. 40,0007½ 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 ex-need Rs. 70,00010 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, 70,00012½ per cent. of the adjusted total income:

Provided that the annuity deposit to be made shall in no case exceed the aggregate ox 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.

Explanation.—In this Schedule, "total income" means total income computed in the manner laid down in the Income-tax Act with out making any allowance under section 280O of that Act.

[Finance Act, 1966]

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Second Schedule, The Finance Act, 1966 (Act 13 of 1966).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 3 Annuity deposit

Questions about Section Second Schedule

What does Section Second Schedule of the Finance Act deal with?

Section Second Schedule of the Finance Act is headed "Second Schedule". THE SECOND SCHEDULE (See section 3) Rates of annuity deposits (i) In the case of any depositor Whose total income does not exceed Rs.

How do I find court cases under Section Second Schedule of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1966 Second Schedule, section Second Schedule Finance Act 1966, section Second Schedule of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section Second Schedule of the Finance Act, and has it changed?

Its own text turns on section 3 (Annuity deposit), so none of them can safely be read on its own.

When was Section Second Schedule of the Finance Act enacted?

Section Second Schedule of the Finance Act, cited as Finance Act 1966 Second Schedule, was enacted on 13 May 1966 as Act 13 of 1966. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.