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 (No. 2) Bill, 1980 - Income Tax - 275/1980

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 (No. 2) Bill, 1980 Circular No. 275 Dated 16/7/1980 From S.R. Wadhwa, Director. To All Accountants--General and Comptrollers, A.G., P T, Simla; D.A.G., P T, Calcutta, and Comptroller Auditor-General of India, New Delhi. Sub : 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 (No. 2) Bill, 1980. Sir, I am directed to invite a reference to this Department's Circular No. 267 (F.No. 275/13/80-ITB) dated the 24th April, 1980 ([1980] 124 ITR (St.) 2), wherein you were requested to issue instructions for deduction of income-tax at source from "Interest on Government Securities" at the same rates as were given in Part III of the First Schedule to the Finance Act, 1979. 2. In view of the Finance (No. 2) Bill, 1980, introduced in Parliament on 18th June, 1980, a draft circular on the basis of the proposed provisions contained therein is attached herewith which may please be issued immediately to all the Treasury Officers and Sub-Treasury Officers under your control individually. Yours faithfully, (Sd.) S.R. Wadhwa Director.