Compulsory deposit: high income individual taxpayers must make prescribed mandatory deposits with fixed rates, interest and penalties. The circular explains the compulsory deposit regime under the 1974 Act and Scheme: liable persons (Indian individuals, Hindu undivided families, trustees of discretionary trusts and representative assessees) must make deposits when 'current income' exceeds the statutory threshold; current and correct income are defined for advance tax payers and others. It prescribes graduated deposit rates with marginal and de minimis limits, timing and instalment options, accepted deposit offices, interest at the bank deposit rate, five year repayment in equal instalments commencing after two years, and fixed statutory penalties and recovery procedures with appeal rights.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Compulsory deposit: high income individual taxpayers must make prescribed mandatory deposits with fixed rates, interest and penalties.
The circular explains the compulsory deposit regime under the 1974 Act and Scheme: liable persons (Indian individuals, Hindu undivided families, trustees of discretionary trusts and representative assessees) must make deposits when "current income" exceeds the statutory threshold; current and correct income are defined for advance tax payers and others. It prescribes graduated deposit rates with marginal and de minimis limits, timing and instalment options, accepted deposit offices, interest at the bank deposit rate, five year repayment in equal instalments commencing after two years, and fixed statutory penalties and recovery procedures with appeal rights.
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