Amendment status not verified — confirm the current text below against the official source.
( 1 ). The gross income of the land of religious t deter1rmna- or charitable institution which has be<'n acquired :0. 1 o com· . uensatioa under this Act shall be computed by takmg the an the mm- gross annual income from rent, fisheries, forests, rl<r of p11.y- hats bazars ferries roads, grazina reserYes, tnea t , ' ' • n ' mines and m inerals for the agricullural year preceding the elate of notification under Sec- tion 3. Explanation.-For tl1e purpose of calculation ~t gross annual income from rents d an institu- tion, all arable lands, tenanted or fallow and homesteads belonging to such institution, shall be assessed al the prevailing rate of rent or ·cvcnuc whichever is higher for similar land ,n the neighbourhood and n0arest lo it and the : o t~i l amoun t for lhe pre,·ious year thus arriYccl ,1 t will be the gross i~ come from rru le . (2) From the avC'rage gross income so com- pu ted shall be deducted the an,rna l aP10un t which wa1; payable hy tbe religious or cha:·itablc iu-ti- lution for the agricultural year pre;::eding the date of notifi cation under Section 3, as land reYc- nue, cess, royalty, municipal tax, chaukidari tax, agricultural income-tax or any tax levied by the Sta te and Central Gm·ernment, or rent to superior landlord in respect of the land acquired. (:-1) A fur ther amount shall be deducted from the gross income hs lhc cost of management at the rates giYen below ;- (a) On the first Rs.5 .0GO of gr oss income ...... . (b) On th e next Hs.5,000 of gross income ....... . ( c) On the balance of gross income .... ....... . Rate No deduction. At fi1·e per cent of the gross in- come. At ten .p er cent of the gro15s in- come. ( 4) The balance remaiAing thereaitcr shall be treated as the net income. (5) The ne t income th us arriYccl at shall he ~a id in cash annually af· pe r petu~l ::is com~cnsn tH'm to the Head of lhc institution for the lands .tcquired under this Act :' Ad-interim comp ~n ,a .. tio1 1• 61 Proyfrled that if any person is entitled to a share of the income of any institution or to a lump-sum allowance, under the terms of any grant or cndcm·ment rC'lating to that institution, 1hen he shall be paid an equiYalent share out of the perpetual annuity or a lump-sum allowance lo be determined in the manner prescribed : ProYided further that the. Jump-sum allowance so de1e•·mined shall bear as nearly as possible tlw s ~n: e ratio to the perpetual annui ty as the nllowaPce drawn prior to the acquisition bears lo the net income as defined in this section . fl. Pending investigation and final determina- tion of compensation, an ad-inter im payment in cash not exceeding 75 pci' cent of the probable ;unount of compensation may be made after a preliminary C'nquiry on the execu tion by the claimant of an indemnity bond and such (!([-int erim compensation shall be deemed to ,be part of the compensation µa yable under this Act :i nd s:1aJI be decluelccl from and adjusted against it : Provided that interest at the rate of 2~ per cent per annum shall be payable on th e balance of compensation remaining unpaid after six months from the date of ::icquisition of the lands. Option. of