Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Compulsory Deposit Scheme Act, 1974: New Definitions, Wealth Tax Exemption, Interest on Deposits, and Penalty Revisions.</h1> The amendment to the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, introduces several changes. It defines 'Income-tax Officer' to include certain commissioners and exempts compulsory deposits from wealth tax. The amendment allows depositors to earn interest on unwithdrawn repayable amounts and modifies penalties for non-compliance, granting more discretion to Income-tax Officers. It updates terminologies to reflect changes in tax administration roles and introduces a special review mechanism for penalties imposed before the Finance (No. 2) Act, 1980. This review is available for depositors who believe penalties would not apply under the new amendments, with applications due by January 1, 1981.
TaxTMI 
TaxTMI 
