Repeal of compulsory deposit scheme removes the statutory compulsory deposit framework and terminates the 1974 Act's operation. The Finance Act, 1995 expressly repeals the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, so that the compulsory deposit regime ceases to apply ... Summary
Repeal of compulsory deposit scheme removes the statutory compulsory deposit framework and terminates the 1974 Act's operation.
The Finance Act, 1995 expressly repeals the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, so that the compulsory deposit regime ceases to apply as from 1 April 1996, thereby terminating the 1974 Act's legal force without setting out transitional provisions in the repealing provision.
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