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Deduction of tax at source--Section 193 read with section 197(1)/(2) of the Income-tax Act, 1961--Interest on Government Securities--Rates of tax applicable during the year 1982-83 - Income Tax - 348/1982Extract Deduction of tax at source--Section 193 read with section 197(1)/(2) of the Income-tax Act, 1961--Interest on Government Securities--Rates of tax applicable during the year 1982-83 Circular No. 348 Dated 16/8/1982 From R.C. Handa, Secretary, Central Board of Direct Taxes. To All Accountants General Comptroller, A.G., P T, Simla, D.A.G., P T, Calcutta and Comptroller Auditor General of India, New Delhi. Sir, Subject : Deduction of tax at source--Section 193 read with section 197(1)/(2) of the Income-tax Act, 1961--Interest on Government Securities--Rates of tax applicable during the year 1982-83. I am directed to invite a reference to the Board's Circular No. 299 [F.No. 275/10/81-IT(B)], dated the 24th April, 1981 ([1981] 129 ITR (St.) 25), wherein you were requested to issue necessary instructions for making deduction of income-tax at source from the "Interest on Government Securities" as prescribed in the Finance Bill, 1981. 2. There is no change in the rates of deduction of tax at source from such income to be made for the financial year 1982-83, prescribed in Part II of the First Schedule to the Finance Act, 1982. However, some changes have been made in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the said Finance Act, a copy of which is annexed. The tax should, therefore, continue to be deducted at source during the financial year 1982-83, at the rates intimated in the Board's circular referred to in para. 1 above except where the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule are applicable. The deduction of tax should be made in accordance with the annexed Sub-Paragraph I, wherever it is applicable. 3. All the Treasury Officers and Sub-Treasury Officers may please be informed individually. Yours faithfully, (Sd.) R.C. Handa, Secretary, Central Board of Direct Taxes.
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