Income-tax Act, 1961-Section 193 read with section 197(1),(2)-Interest on Government securities-Rates of tax applicable during the year 1977-78 as proposed in the Finance Bill, 1977 - Income Tax - 215/1977

Income-tax Act, 1961-Section 193 read with section 197(1),(2)-Interest on Government securities-Rates of tax applicable during the year 1977-78 as proposed in the Finance Bill, 1977 Circular No. 215 Dated 31/3/1977 From Shri S.R. Wadhwa, Deputy Secretary, Department of Revenue Banking. Government of India. To All Accountants-General and Comptrollers, A.G., P T, Simla, D.A.G., P T, Calcutta and C. A.G., New Delhi. Sir, Subject: Income-tax Act, 1961-Section 193 read with section 197(1),(2)-Interest on Government securities-Rates of tax applicable during the year 1977-78 as proposed in the Finance Bill, 1977. I am directed to invite a reference to Board's Circular No.193 (F.No.275/46/76-ITJ)+ dated March 20, 1976, on the subject of deduction of income-tax from "Interest on Government Securities" payable during the year 1976-77. 2. The Finance Bill, 1977, as introduced in Parliament, prescribes the same rates for deduction of tax from "Interest on Government Securities" during the financial year 1977-78 as were in force during the financial year 1976-77. Hence, until further instructions, tax at source from "Interest on Government Securities" may be deducted at the same rates as are given in Part II of the First Schedule to the Finance Act, 1976. 3. You are requested that instructions on the basis of this circular may be issued immediately to all Treasury Officers and Sub-treasury Officers, under your control, individually. Yours faithfully, (Sd.) S.R. Wadhwa, Deputy Secretary to the Government of India.