Income-tax Act, 1961-Section 193 read with section 197(1)/(2)-Interest on Government securities-Rates of tax applicable during the year 1980-81 as prescribed by the Finance Act, 1980 - Income Tax - 267/1980

Income-tax Act, 1961-Section 193 read with section 197(1)/(2)-Interest on Government securities-Rates of tax applicable during the year 1980-81 as prescribed by the Finance Act, 1980 Circular No. 267 Dated 24/4/1980 From S.R. Wadhwa, Director, Department of Revenue. To All Accountants-General and Comptrollers, A.G., P T., Simla, D.A.G., P. T., Calcutta and C. A. G., New Delhi. Subject: Income-tax Act, 1961-Section 193 read with section 197(1)/(2)-Interest on Government securities-Rates of tax applicable during the year 1980-81 as prescribed by the Finance Act, 1980. Sir, I am directed to invite a reference to this Ministry (Department of Revenue) Circular No. 255 (F. No. 275/29/79-ITB) dated the 23rd May, 1979, on the subject of deduction of income-tax from "Interest on Government securities" payable during the year 1979-80. The Finance Act, 1980, prescribes the same rate of deduction of tax from "Interest on Government securities" during the financial year 1980-81 as were in force during the financial year 1979-80. Necessary instructions for continuing deduction of tax at source from "Interest on Government securities" at the same rates as are given in Part III of the First Schedule to the Finance Act, 1979, may, therefore, be issued individually to all the Treasury Officers and Sub-Treasury Officers under your control. Yours faithfully, (Sd.) S.R. Wadhwa, Director, Dept. of Revenue.