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of <h1>New Tax Penalty: 50% on Annuity Deposit Shortfall for Depositors Under 70 with Income Over 25K Under Section 280X</h1> Section 280X of the Income-tax Act, effective from April 1, 1967, mandates additional income-tax for depositors failing to make required annuity deposits for the assessment year or the preceding financial year. This applies unless the depositor is over seventy years old or their total income does not exceed twenty-five thousand rupees. The additional tax equals fifty percent of the shortfall in the annuity deposit, adjusted by the difference between the actual tax payable and the hypothetical tax if the annuity deposit had been made. The 'annuity deposit required' is the lesser of the calculated deposit or the excess of total income over twenty-five thousand rupees.
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