Compulsory Deposit Scheme (Income-tax Payers) Act, 1974-Deposits after March 31, 1985, in respect of income declared for assessment year 1985-86 and earlier assessment years-Clarification-Regarding

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.... declared for assessment year 1985-86 and earlier assessment years-Clarification-Regarding Circular No.457 Dated 30/5/1986 To             All Chief Commissioners (Admn.) and             Commissioner of Income-tax. Sir, Subject:  Compulsory Deposit Scheme (Income-t....

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....accept payment of compulsory deposit after March 31, 1985. The answer given in the circular is reproduced hereunder: "Yes. A bank can accept payment of compulsory deposit even after March 31, 1985. However, the question whether the depositor is liable to a penalty under section 10 of the Compulsory Deposit Scheme (Income-tax Payers) Act will be decided by the Income-tax Officers." 3. Represe....