 bill no 95 of 1981 the compulsory deposit scheme (income-tax payers) amendment bill, ig81-  a billfurther to amend the compulsory deposit scheme (income-ta:r payers) act, 1974 be it enacted by parliament in the thirty-se<:ond year of the republic of india as follows:-1 (1) this act may be called the compulsory deposit scheme (incometax payers) amendment act, 198! 5 (2) it shall be deemed to have come into force on the 11th day of short title and commence - ment  july, 1981 38 of 1974 2 in section 4 of the compulsory deposit scheme (income-tax payers) act, 1974 (hereinafter referred to as the principal act), in subsection (1) ,-amendment of section 4 10 (a) in clause (ii), the word "and", occurring at the end, shall be omitted; (b) for clause (iii), the following clauses shall be substituted, namely:-15 "(iii) for the assessment year commencing on the 1st day of april, 1979, the assessment year commencing on the 1st day  of april, 1980 and the assessment year commencing on the 1st day of april, 1981, at the rates specified in paragraph c of the schedule; and (iv) for the assessment year cgmmencing on the 1st day of april, 1982 and the assessment year commencing on the 1st day 20 of april, 1983, :at the rates specified in paragraph d of· the schedule:' 3 in the schedule to the principalact,-amendment of the schedule (a) before the proviso, the following paragraph shall he inserted, namely: -5  "paragraph d45 per cent, of the current income; (i) where the current income exceeds rs 15,000 but does not exceed rs 25,000 rs 1,125 plm 11 per cent of the 10 amount by which the curnmt income exceeds rs 25,000; (ii) where the current income exceeds rs 25,000 but does not exceed rs 35,000 rs 2,225plus 125 per cent of the amount by which the current income exceeds rs 35,000; (iii) where the current income exceeds rs 35,000 but does not exceed rs 50,000 15 (iv) where the current income exceeds rs 50,000 but does not exceed rs 70,000 (v) where the current income rs 4,100 plus 15 per cent of the amount by which the current income exceeds rs 50,000; rs 7100 plus 18 per cent of the amount by which the current exceeds rs 70,000 income exceeds rs 70,000:"; ~o (b) in the proviso, in clause (b), after the word and letter "paragraph c", the words and letter "or paragraph d" shall be inserted 7 of 1981 4 (1) the compulsory deposit scheme (income-tax amendment ordinance, 1981, is hereby repealed payers) 25 repeal and saving (2) notwithstanding sut)h repeal, anythjng done or any action faken under the principal act, :l~ amended by the said ordinance, shall be deemed to have beejil done or taken under the principal act, as amended ~~~ ~  statement-of objects and reasonswith a view to restraining conspicuous consumption by persons in the higher income bracket and improving the ways and means position of ·the government, it was considered necessary t~ raise the rates of compulsory deposits in the case of persons in the higher income brackets an ordinance ~l1ed the compulsory deposit scheme (income-tax payers) amendment ordinance, 1931 was accordingly promulgated by the president on the 11th july, 1981 2 the ordinance provides for raising the rates of compulsory deposjts in relation to current incomes exceeding rs 50,000 the new rate of compulsory deposit in respect of current income in the bracket of rs 50,001 to rs 70,000 will be 15 per cent as against 12i per cent hitherto and in respect of current income exceeding rs 70,000 it will be 18 per cent as against 15 per cent hitherto the new rates of compulsory deposit will be applicable for the assessment years 1982-83 and 1983-84 that is to say, in relation to deposits required to be made d'uring the financial years 1981·82 and 1982-83 3 the bill seeks to replace the aforesaid ordinance r venkataraman new d£lhi; the 8th august, 1981  annexure extracts from the com1'ulsory deposit scheme (income-tax payers) act, 1974(38 of 1974) - - - - - requirement as to compulsory deposit 4 (1) where, in relation to an assessment year referred to in subsection (1) of section 3, the current income of any person, being ad individual or a hindu undivided family or a trustee specified in 'clause (a) of sub-section (2) of that section, exceeds fifteen thousand rupees, such person, or if any other person is assessable under the income-tax act in respect qf the total income of such person, the person so assessable, shall make, in accordance with and subject to the provisions of" this act and any scheme framed thereunder, a compulsory deposit,-(i) for the assessment year commencing on the 1st day of april, 1975 and the assessment year commencing, on the 1st day of april, 1976, at the rates specified in paragraph a of the sfhedule; (ii) for the assessment year commenc!ng on the 1st day of april 1977 and the assessment year commencing on the 1st day of april, 1978, at the rates specified in paragraph b of the schedule; and (iii) for the assessment year commencing on the 1st day of april, 1979 and every subsequent assessment year (not being an assessment year commencing on or after the 1st day cjf april, 1(84), at the rates specified in paragraph c of the schedule - - - -   the schedule [see section 4 (1)] rates of compulsory depositf - paragraph a - - provided that-- ' - (b) in a case falling under paragraph c, where the current income exceeds rs 11>,000 but does not exceed rs 15,710, the compulsory deposit shall in no case exceed the amount by which the current income exceeds rs 15,000; - - - - - ;   bul f1irtb  to amend the compulsory deposit ~'(t;, ii  pqcw) act, 1974 - (shri a y m1cataraman, minister 01 fimznce) 