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of <h1>Legal Heirs Must Make Compulsory Deposits for Deceased's Income Over Rs. 15,000: Section 159 Guidance.</h1> The circular from August 16, 1975, addresses the obligation of legal heirs to make compulsory deposits under the Income-tax Act, 1961, when the deceased's taxable income exceeds Rs. 15,000. It refers to Section 159, which holds legal representatives liable for the deceased's tax obligations. The Reserve Bank of India has instructed banks to accept deposits from legal heirs and ensure repayment to them, fulfilling the banks' obligations. This guidance is directed to the State Bank of India, its subsidiaries, and all nationalized banks to ensure compliance with the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974.
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