AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
Insertion of new Chapter XXIIA
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.... total income computed without making any allowance under section 280O and reduced by the aggregate of the following amounts, if any, included therein, namely:- (i) any income chargeable under the head "Salaries"; (ii) if the depositor is a partner of an unregistered firm which is liable to make an annuity deposit for the relevant assessment year, the amount of his share in the profits and gains of the firm computed in the manner laid down in, section 67; (iii) if the depositor is a member of an association of persons or a body of individuals (other than a Hindu undivided family or a firm which is liable to make an annuity deposit for the relevant assessment year, the amount which he is entitled to receive from the association or body; (iv) any compensation or other payment referred to in clause (ii) of section 28; and (v) any income chargeable under the head "Capital gains"; (b) in relation to the assessment year commencing on the 1st day of April, 1965, or any subsequent assessment year, means the amount of total income computed without making any allowance under section 280O and reduced by the aggregate of the following amoun....
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....ramed under section 280W, in any case in which the authority empowered to make such payment is satisfied that genuine hardship will be caused unless such payment is made. 280E. Computation of advance deposit. The amount of advance deposit to be made by a depositor in the financial year shall be computed as follows:- (a) (i) his total income for the latest previous year in respect of which he has been assessed by way of regular assessment shall first be ascertained; (ii) the amount of income of the nature referred to in sub-clause (b)(i) or sub-clause (b)(ii) or sub-clause (b)(iii) or sub-clause (b) (iv) or sub-clause (b)(v) of clause (1) of section 280B, if any, included in such income shall be deducted therefrom, and on the balance annuity deposit shall be calculated at the rates in force in the financial year; (iii) the amount of annuity deposit calculated in accordance with sub-clause (ii) shall, subject to the provisions of clauses (b) and (c), be the advance deposit to be made; (b) in cases where an estimate of the adjusted total income is sent by the depositor under sub-section (1) or sub-section (2) or sub-section (3) of ....
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....to advance deposit to be made by a depositor as they apply in relation to advance tax payable by an assessee with the modification that reference therein to section 210 shall be construed as reference to section 280F. 280H. Estimate by deposition (1) If a depositor, who is required to make advance deposit by an order under section 280F, estimates at any time before the last instalment is due that his adjusted total income for the period which would be the previous year for the immediately following assessment year, is less than the income in respect of which he is required to make such deposit, and accordingly wishes to make a deposit of an amount less than the amount which he is so required to deposit, he may send to the Income-tax Officer- (i) an estimate of the adjusted total income of the said previous year; (ii) an estimate of the advance deposit to be made by him calculated in the manner laid down in section 280E; and shall make such deposit as accords with his estimate in equal instalments on such of the dates specified in section 211 as applied to advance deposit by section 280G as have not expired or in one sum if only the last ....
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.... the annuity deposit already made by him in respect of that assessment year. 280K. Annuity deposit on the basis of provisional or regular assessment. At the time of making a provisional assessment under section 141 or a regular assessment, or as soon thereafter as may be, the Income-tax Officer shall, by order in writing, determine the amount of annuity deposit, if any, required to be made by the depositor on the basis of the income so assessed after taking into account the amount of annuity deposit, if any, already made by him in respect of that assessment year. 280L. Special provisions for the assessment year 1964-65. (1) If the total income of a depositor for the previous year relevant to the assessment year commencing on the 1st day of April, 1964 (such total income being computed without making any allowance under section 280O) exceeds fifteen thousand rupees and he does not furnish a return under section 139 before the 1st day of March, 1965 and no regular assessment under section 144 is made before the said 1st day of March, he shall send to the Income-tax Officer- (i) an estimate of the adjusted total income of the said previous ....
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....come assessable for the assessment year in respect of which the annuity deposit is required to be made. (2) If the adjusted total income of the depositor includes any income chargeable under the head "Salaries", the allowance under sub-section (1) shall be made in computing the income under that head, and if there is no income chargeable under that head or the annuity deposit required to be made exceeds such income, the whole or the balance of the annuity deposit required to be made shall be allowed as a deduction in computing earned income chargeable under any other head, and if there is no earned income chargeable under any other head or the whole or the balance of the annuity deposit required to be made exceeds such earned income, the whole or balance of the annuity deposit required to be made shall be allowed as a deduction in computing any other income under any head. Explanation.- In this sub-section, the expression "earned income" has the meaning assigned to it in the Finance Act of the relevant year. 280P. Annuity deposit deductible In computing income under the head "Salaries' for purposes of section 192. Any person responsible for p....
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....under, whichever is less; and (ii) which, in the case referred to in clause (b), shall not exceed half the amount equal to the seventy-five per cent. referred to in clause (i) (1). (3) No order imposing a penalty under this section shall be made unless the assessee has been heard, or has been given a reasonable opportunity of being heard. 280S. Other interest and penalty provisions of the Act not to apply. Notwithstanding anything to the contrary contained in this Act, the provisions of this Act, other than those contained in this Chapter or any scheme framed thereunder, relating to interest payable by the Central Government on refunds and interest payable by the assessee in default or those relating to imposition of penalty shall not apply in relation to any sum due under this Chapter. 280T. Recovery of arrears of deposit and penalty. For the removal of doubts, it is hereby declared that any arrear of annuity deposit and any penalty imposed under this Chapter shall be recoverable in the manner provided in Chapter XVII-D for the recovery of arrears of tax. 280U. Special provisions for authors, playwrights, artists, musi....
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....nt of which such duplicate may be issued; and (h) any other matter which may be necessary or proper for the effective implementation of the scheme. (3) The Central Government may, by notification in the Official Gazette, add to, amend, vary or rescind any scheme framed under this Chapter. (4) Any scheme framed under this Chapter shall be laid, as soon as may be, after it is framed before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two successive sessions, and, if before the expiry of the session in which it is so laid or the session immediately following, both Houses agree in making any modification in any provision of the scheme or both Houses agree that any provision in the scheme should not be made, that provision of the scheme shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under that provision. 280X. Option in certain cases. (1) Notwithstanding anything contained in this Chapter, any d....