Compulsory Deposit Scheme Act,1963

Act No : 21

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Section : Penalty for failure to make deposit.

12.Penalty for failure to make deposit. (1) If any person who is liable to make a deposit under this Act fails to make the same within the time specified therefor, he shall be liable to pay by way of penalty an amount not exceeding half the amount of deposit which he is liable to make: Provided that before levying any such penalty such person shall be given a reasonable opportunity of being heard in respect of the same. (2) Where any person is responsible for paying any income falling under the head " Salaries " as mentioned in the Income-tax Act, then, notwithstanding anything in that Act, in computing the total income of that person under that Act for any assessment year commencing on or after the 1st day of April, 1964, no deduction shall be allowed in respect of payment of any income under that head which in the case of any employee exceeds one thousand five hundred rupees but from which no tax is deductible under the heading " B-Deduction at source " in Chapter XVII of that Act unless a sum equal to the amount which such employee is required to deposit under this Act is deducted from such income at source and is deposited in accordance with the provisions of this Act and the Scheme framed thereunder.

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