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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Board Extends Deadline for Compulsory Deposits Under 1974 Act to January 31, 1975, Due to Compliance Delays.</h1> The Board has received numerous complaints regarding deposit offices refusing compulsory deposits under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, due to a lack of instructions. Consequently, many individuals could not make the required deposits for the 1975-76 assessment year by the December 15, 1974 deadline. This failure is not considered a default by depositors. Although the Reserve Bank of India has issued instructions, full compliance by deposit offices may take time. Therefore, the Board has decided not to initiate penal action if deposits are made by January 31, 1975, and has instructed immediate communication to Income Tax Officers.
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