¹ [bst1]  [31D. Manner of determination of net present value for the purposes of fourth proviso to sub-section (4) of section 38.- For the purposes of fourth proviso to sub-section (4) of section 38, the amount equal to the net present value, to be paid in lieu of the deferred tax, shall be calculated in accordance with the Table and the Notes given below :-

 

Serial No.	Period in months between the date of actual payment and the extended date of payment	Percentage	Serial No.	Period in months between the date of actual payment and the extended date of payment	Percentage
(1)	(2)	(3)	(1)	(2)	(3)
1	1	99.1121	121	121	33.9890
2	2	98.2321	122	122	33.6873
3	3	97.3599	123	123	33.3882
4	4	96.4955	124	124	33.0917
5	5	95.6387	125	125	32.7979
6	6	94.7896	126	126	32.5067
7	7	93.9480	127	127	32.2181
8	8	93.1138	128	128	31.9320
9	9	92.2871	129	129	31.6485
10	10	91.4677	130	130	31.3675
11	11	90.6556	131	131	31.0890
12	12	89.8506	132	132	30.8130
13	13	89.0529	133	133	30.5394
14	14	88.2622	134	134	30.2682
15	15	87.4785	135	135	29.9995
16	16	86.7018	136	136	29.7331
17	17	85.9320	137	137	29.4691
18	18	85.1691	138	138	29.2075
19	19	84.4129	139	139	28.9481
20	20	83.6634	140	140	28.6911
21	21	82.9205	141	141	28.4364
22	22	82.1843	142	142	28.1839
23	23	81.4546	143	143	27.9337
24	24	80.7314	144	144	27.6856
25	25	80.0146	145	145	27.4398
26	26	79.3042	146	146	27.1962
27	27	78.6000	147	147	26.9547
28	28	77.9022	148	148	26.7154
29	29	77.2105	149	149	26.4782
30	30	76.5249	150	150	26.2431
31	31	75.8455	151	151	26.0101
32	32	75.1721	152	152	25.7792
33	33	74.5046	153	153	25.5503
34	34	73.8431	154	154	25.3234
35	35	73.1875	155	155	25.0986
36	36	72.5377	156	156	24.8757
37	37	71.8936	157	157	24.6549
38	38	71.2553	158	158	24.4360
39	39	70.6226	159	159	24.2190
40	40	69.9956	160	160	24.0040
41	41	69.3741	161	161	23.7908
42	42	68.7582	162	162	23.5796
43	43	68.1477	163	163	23.3702
44	44	67.5426	164	164	23.1627
45	45	66.9429	165	165	22.9571
46	46	66.3485	166	166	22.7533
47	47	65.7594	167	167	22.5512
48	48	65.1756	168	168	223510
49	49	64.5969	169	169	22.1526
50	50	64.0234	170	170	21.9559
51	51	63.4549	171	171	21.7609
52	52	62.8915	172	172	21.5677
53	53	62.3331	173	173	21.3762
54	54	61.7797	174	174	21.1864
55	55	61.2311	175	175	20.9983
56	56	60.6875	176	176	20.8119
57	57	60.1486	177	177	20.6271
58	58	59.6146	178	178	20.4439
59	59	59.0853	179	179	20.2624
60	60	58.5607	180	180	20.0825
61	61	58.0407	181	181	19.9042
62	62	57.5254	182	182	19.7275
63	63	57.0146	183	183	19.5523
64	64	56.5084	184	184	19.3787
65	65	56.0067	185	185	19.2067
66	66	55.5094	186	186	19.0361
67	67	55.0166	187	187	18.8671
68	68	54.5281	188	188	18.6996
69	69	54.0439	189	189	18.5336
70	70	53.5641	190	190	18.3590
71	71	53.0885	191	191	18.2059
72	72	52.6171	192	192	18.0443
73	73	52.1500	193	193	17.8841
74	74	51.6869	194	194	17.7253
75	75	51.2280	195	195	17.5679
76	76	50.7732	196	196	17.4119
77	77	50.3224	197	197	17.2573
78	78	49.8756	198	198	17.1041
79	79	49.4327	199	199	16.9522
80	80	48.9938	200	200	16.8017
81	81	48.5588	201	201	16.6525
82	82	48.127	202	202	16.5047
83	83	47.7004	203	203	16.3581
84	84	47.2769	204	204	16.2129
85	85	46.8571	205	205	16.0690
86	86	46.4411	206	206	15.9263
87	87	46.0287	207	207	15.7849
88	88	45.6200	208	208	15.6447
89	89	45.2150	209	209	15.5058
90	90	44.8135	210	210	15.3681
91	91	44.4156	211	211	15.2317
92	92	44.0213	212	212	15.0965
93	93	43.6304	213	213	14.9624
94	94	43.2430	214	214	14.8296
95	95	42.8591	215	215	14.6979
96	96	42.4786	216	216	14.5674
97	97	42.1014	217	217	14.4381
98	98	41.7276	218	218	14.3099
99	99	41.3571	219	219	14.1828
100	100	40.9899	220	220	14.0569
101	101	40.6260	221	221	13.9321
102	102	40.2652	222	222	13.8084
103	103	39.9077	223	223	13.6858
104	104	39.5534	224	224	13.5643
105	105	39.2022	225	225	13.4438
106	106	38.8542	226	226	13.3245
107	107	38.5092	227	227	13.2062
108	108	38.1673	228	228	13.0889
109	109	37.8284	229	229	12.9727
110	110	37.4925	230	230	12.8575
111	111	37.1596	231	231	12.7433
112	112	36.8297	232	232	12.6302
113	113	36.5027	233	233	12.5181
114	114	36.1786	234	234	12.4069
115	115	35.8574	235	235	12.2968
116	116	35.5390	236	236	12.1876
117	117	35.2235	237	237	12.0794
118	118	34.9107	238	238	11.9721
119	119	34.6007	239	239	11.8658
120	120	34.2935	240	240	11.7605

Notes.- 1. The period in months, between the date of actual payment and the extended date of payment shall be the aggregate of:-

(a) the number of completed months contained in such period, and

(b) the number obtained by dividing by thirty the sum of the number of days from the date of actual payment to the end of the month in which the payment is made and the number of days from the first day of the month in which the extended date of payment falls to the extended date of payment :

Provided that, the number obtained under clause (b) shall be rounded off to the nearest integer:

Provided further that, if such number either contains or is a fraction which is half, then the nearest integer of such fraction shall be deemed to be one.

2. The net present value of the amount to be paid in lieu of deferred tax, shall be such percentage of deferred tax mentioned in column (3) of the Table for the corresponding period (as ascertained under Note (1) above) as respectively stated against it in column (2) thereof.]

² [bst2]  [Explanation.-While reckoning the number of days for the purposes of Note (l)(b) above, the extended date of payment shall be excluded.]