Deduction of tax at source-Income-tax deduction from salaries during the financial year 1986-87 under section 192 of the Income-tax Act, 1961 - Income Tax - 483/1987

Deduction of tax at source-Income-tax deduction from salaries during the financial year 1986-87 under section 192 of the Income-tax Act, 1961 Circular No. 483 Dated 4/3/1987 From B. Nagarajan, Secretary, C.B.D.T. To All State Governments (including Administrations of Union Territories). Sir, Subject: Deduction of tax at source-Income-tax deduction from salaries during the financial year 1986-87 under section 192 of the Income-tax Act, 1961. I am directed to refer to this Ministry's Circular No. 459 [F. No. 275/64/86-IT(B)] dated 16-6-86 (See [1986] 160 ITR (St.) 44) on the above subject and to say that it has been brought to the notice of the Ministry that the Drawing and Disbursing Officers are allowing the benefit of deduction under section 80C of the Income-tax Act to the sums paid up to 28th February only for the purchase of National Savings Certificates (N.S.Cs.), etc. In this connection, it has been enquired whether deductions provided under section 80C of the Income-tax Act would be available to the assessees in respect of sums paid after 28th February, but up to 31st March towards the purchase of National Savings Certificates, etc. 2. It is hereby clarified that the deduction provided under section 80C will be available to the assessees in respect of sums paid up to 31st March of the financial year towards purchase of National Savings Certificates, etc. 3. The contents of this circular may be given wide publicity. Copies of this circular are available with the Director of Inspection (RS PR), 6th Floor, Mayur Bhavan, New Delhi. Yours faithfully, (Sd.) B. Nagarajan, Director, Central Board of Direct Taxes.