Deduction of tax at source-Section 193 read with section 197(1)/(2) of the Income-tax Act, 1961-Interest on Govt. Securities-Rates of tax applicable during the financial year 1986-87

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..... ring the financial year 1986-87 Circular No.460 Dated 3/7/1986 From B. Nagarajan, Secretary, Central Board of Direct Taxes. To All Accountants-General Comptrollers, Accountant General, Post Telegraph, Simla, Deputy Accountant General, Post Telegraph, Calcutta, and Comptroller Audi .....

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..... erewith. The only important change brought about by the Finance Act, 1986, in so far as in its applicability in the case of tax deduction at source from payments of "Interest on Govt. Securities" is the deletion of all references to surcharge. The basic rates of income-tax as communicated in the aforesaid Circular remain unchanged in its application during the financial year 1986-87. It is, ther .....

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