Substitute of new section for section 280X

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.... (1) Where in relation to the assessment year commencing on the 1st day of April, 1967 or any subsequent assessment year, a depositor does not make any annuity deposit during the financial year immediately preceding such assessment, year or such further period as may be allowed by the Income-tax Officer under the proviso to clause (ii) of sub-section (2) of section 280C, or the amount of annuity ....

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....d twenty-five thousand rupees. (2) The further amount of income-tax referred to in sub-section (1) shall be- (i) in a cage where the depositor does not make any annuity deposit, a sum equal to fifty per cent. of the amount by which the amount of annuity deposit required to be made in respect of that assessment year exceeds the difference between- (a) the tax payable by him on his total incom....