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 1984-85 - Income Tax - 393/1984

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 1984-85 Circular No. 393 Dated 5/9/1984 1. I am directed to invite a reference to the Board's Circular No. 368 [F. No. 275/24/83-IT(B)] dated September 16, 1983, printed at [1983] 144 ITR (St.) 4 and corrigendum of even number dated November 19, 1983, printed at [1983] 144 ITR (St.) 68 wherein you were requested to issue necessary instructions for making deduction of income-tax at source from the payment of "Interest on Government securities" as prescribed in the Finance Act, 1983. 2. There is no change in the rates of tax at which deduction has to be made from the payments of interest on Government securities during the financial year 1984-85, except in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the Finance Act, 1984. I am, however, enclosing a copy of the draft circular letter setting out the rates at which income-tax and surcharge should be deducted from such payments after the 31st March, 1984. You may please issue a circular on the basis of this draft to all Treasury Officers and Sub-Treasury Officers under your control individually with a view to ensuring that the provisions of the Act are strictly adhered to by them. (Sd.)......... Secretary, Central Board of Direct Taxes.