Annuity Deposit Scheme

280W. (1) The Central Government shall, by notification in the Official Gazette, frame one or more scheme or schemes to be called Annuity Deposit Scheme or Schemes in relation to deposits under this Chapter.

(2) A scheme under sub-section (1) may provide for—

(a) the manner in which the annuity deposits shall be made ;

1[(aa) the cases in which the circumstances under which and the conditions subject to which the Income-tax Officer may, under the proviso to clause (ii) of sub-section (2) of section 280C, allow a depositor to make a deposit or a further deposit after the expiry of the financial year immediately preceding the assessment year ;]

(b) the manner in which, and intervals at which annuities shall be paid ; 2[and the manner in which the amount of annuity deposit which is not required to be deposited under the provisions of this Chapter or the excess or deficiency of annuity deposit, as the case may be, may be refunded, adjusted or otherwise dealt with and the factors that may be taken into account in this connection ;]

(c) the authority or authorities by or through whom such deposits may be collected or by whom annuities may be issued ;

(d) the documents to be issued to persons by whom deposits have been made as evidence of such deposits ;

(e) the accounts to be maintained with respect to such deposits and annuities and the officers by whom such accounts shall be maintained ;

(f) the nomination of any person to receive the annuity or any other sum due under this Chapter to any depositor in the event of his death and the cancellation or change of such nomination ;

(g) the issue of duplicate of any document issued as evidence of any such deposit in the event of loss or destruction of the original and the fee on the payment 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.

 

1. Ins by s. 32 of the Finance Act, 1966 w.e.f. 1-4-1966.

2. Subs. for the words "and the manner in which the excess or deficiency of annuity deposit may be adjusted or otherwise dealt with ;" by s. 16 of the Finance (No. 2) Act, 1965 (15 of 1965).

 

 

[As amended by Finance Act, 1968]