The Compulsory Deposit Scheme (Income-tax Payers) Amendment Ordinance, 1981

~f 1974. ~o 18] ' No. 18] ~ EXTRAORDINARY 11:tmll~l. PART Ji-Section 1 snfuffl ~ ~<l'ilf'ffi'f PUBLISHED BY AUTHORITY -,{f~~'")•,Qff"l'otR,.:i!,~Tf11, 1981/~tm~ 20, 190~ NEW DELHI, SATURDAY, JULY 11, 1981/ASADHA 20, 1903 -· ~ 11:tm ir Nni ~ doo <ft :.mff f 'rffi ~ ~ ~ ~~ ct " ir rnT ~ ~ I Separate paging is given to this Part in order that it may be filed . .'lS a separate compilation MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS ( L~gislative Department) New DelhiJ, the_ 11th July, 1981/ Asadha 20, 1903 (Saka)' ~HE COMPULSORY DEPOSIT SCHEME (INCOME-TAX PAYERS) AMENDMENT ORDINANCE, 1981 . No. 7 OF 1981 Pwmulgated by the President in the Thirty-second Year of the Republic of India. • • An Ordinance further to amend the Compulsory Deposit Schen:ie1. (Income-tax Payers) Act, 1974. WHEREAS Parliament i,s not in session and the President is satisfied that 1circumstances ex'ist which render it necessary for him to take immediate action; Now, THEREFORE, in exercise of the powers confe~red by clause (1) of article 123 of the Constitution, the President is pleased to promulgate the following Ordinance: - 1. (J) This Ordinance may be called the Compulsory Deposit Scheme Short title (Income-tax Payers) Amendment Ord1nance, 1981. and com- mence­ ment. (2) H shall come into force at ,once. 2. In section 4 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 (hereinafter referred to as the principal. Act), in sub,-section (J),- (a) in clause (ii), the word "and" occurring at the end shall be omitted; Amend- ment of section 4. Amend­ ment of the Schedule. (b) for clause (iii), the :following clauses shall be substituted, namely:- " (iii) .for the assessment year commencing on the 1st day ,of April, 1979, the assessment year commencing on the 1st day of April, 1980 and, the assessment year commencing on the 1st day of April, 1981, nt the rates specified in Paragraph C of the Schedule; and (iv) for the assessment year commencing on the 1st day of April, 1982 and the assessment year commencing on the 1st day: of April, 1983, at -the rates specified in Paragraph D of the Schedule.". 3. In the Schedule to the principal Act,- ( a) before the proviso, the following Paragraph shall be inserted, namely:- "PARAGRAPH D (i) where tbe cur­ rent income ex­ ceeds Rs. 15,000. but does not ex- ceed Rs. 25,000 (ii) where the , cur­ rent income ex­ ceeds Rs. 25,000 but does not ex­ ceed Rs. 35,000 (vii) where the cur­ rent income ex­ ceeds Rs. 35,000 but does not ex­ ceed Rs. 50,000 (iv) where the cur-­ rent income ex­ ceeds Rs. 50,000 1 but does not ex­ ceed Rs. 70,000 4.5 per cent. of the current income; Rs. 1,125 plus 11 per cent. of the amount by which the current income exceeds Rs. 25,000; Rs. 2,225 pl¼S 12.5 per cent. of the amount by which the current income exceeds Rs. 35,000; Rs. 4,100 plus 15 per cent. of the amount by whi,ch the current income exceeds -Rs. 50,000; (v) where the cur- Rs. 7,100 plus l8 per cent. of the rent income ex- amount by which the current ceeds Rs. 70,000 income exceeds Rs. 70,000: "; (b) in the proviso, in clause (b), after the word and letter ."Para­ graph C", the words and letter "or Paragraph D" shall be inserted. N. SANJIVA _REDDY, President. R. V. S. PERI SASTRI, Secy. to the Gov-t. of India.