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TMI BlogInstructions for deduction of tax at source from interest on securities during financial year 1970-71 at the rates specified in Part III of First Schedule to Finance Bill, 1970X X X X Extracts X X X X X X X X Extracts X X X X ..... sued by you immediately to all Treasury Officers and Sub-Treasury Officers under your control, individually. Circular : No. 35 [F. No. 275/41/70-ITJ], dated 24-3-1970. Draft Circular Referred to in Instructions 1. I am to invite your attention to this Office Letter.........regarding deduction of income-tax and surcharge from interest on Government securities during the financial year 1969-70. 2. According to the Finance Bill, 1970, income-tax is to be deducted from the entire amount of interest on securities at the following rates, namely : Income-tax Rate of Income-tax Rate of Surcharge I. In the case of a person other than a company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made the prescribed arrangements for the declaration and payment within India, of the dividends (including dividends on preference shares) payable out of such income in accordance with the provision of section 194. 4. In making payment or crediting interest on Government securities on or after April 1, 1970 you should, therefore, deduct income-tax at the rates specified above, except in the cases where an exemption or abatement certificate granted by an Income-tax Officer under sub-section (1) of section 197 is produced. The following instructions should be allowed in this connection : (1) Exemption or abatement certificates issued before April 1, 1970 authorising deduction of tax at a particular rate expressed as a percentage of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the person responsible for making the payment that the total nominal value of the 6 per cent Gold Bonds, 1977 or, as the case may be, the 7 per cent Gold Bonds, 1980 held by him (including such Bonds, if any, held on his behalf by any other person) did not in either case exceed Rs. 10,000 at any time during the period to which the interest relates. (5) No tax should be deducted from interest payable to a non-resident on 4 per cent National Defence Loans, 1968 and 4 per cent National Defence Loans, 1972 as the interest paid on these loans to non-residents is totally exempt from income-tax under Notification No. SO 3331, issued under section 10(4) of the Income-tax Act, 1961. In the case of residents receiving interest on these loans, d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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