# The Finance Act, 1981, Section 53: Amendment of Act 38 of 1974

- Act: The Finance Act, 1981 (Act 16 of 1981)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1981/section/53/

## Text

CHAPTER V Miscellaneous Amendment of Act 38 of 1974. 53. In the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974,— (a) in section 3, in sub-section (2), for the figures, letters and words "1st day of April, 1982", the figures, letters and words "1st day of April, 1984" shall be substituted; (b) in section 4, in sub-section (2), in clause (iii), for the figures, letters and words "1st day of April, 1982", the figures, letters and words "1st day of April, 1984" shall be substituted; (c) in section 8, with effect from the 1st day of June, 1981,— (i) after sub-section (1), the following sub-section shall be inserted, namely:— "(1A) Notwithstanding anything contained in subsection (1),— (a) the amount of compulsory deposit made by or recovered from an individual; or (b) the amount of compulsory deposit made by or recovered from any person who is assessable under the Income-tax Act in respect of the total income of an individual, on behalf of such individual, shall, to the extent it has remained unpaid, be repayable, together with interest thereon,— (i) where such individual has attained the age of seventy years before the 1st day of April, 1981, on the 1st day of June, 1981; and (ii) in any other case, on the 1st day of the financial year immediately succeeding the financial year in which such individual attained seventy years of age."; (ii) in sub-section (2), after the words, brackets and figure "under sub-section (2),", the words, brackets, figure and letter "or sub-section (1A),". shall be inserted. [Finance Act, 1981] © Copyright. Taxmann Publications Pvt. Ltd.

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