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TMI BlogDeduction 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 1987-88X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the year 1987-88 Circular No. 486 Dated 1/6/1987 From Shri B. Nagarajan, Director, Central Board of Direct Taxes. To All Accountants General Comptrollers, Accountant General, Post Telegraph, Simla, Deputy Accountant General, Post Telegraph, Calcutta and Comptroller Auditor General of India, New Delhi. Sir, Subject: Deduction of tax at source-Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the rates at which income-tax should be deducted from such payments after 31st March, 1987 You may please issue the 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. 3. It may be mentioned that the Finance Act, 1987, has inserted a new se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered in accordance with the provisions of sections 206, 206A and 206B to any income-tax authority; and (d) in all other documents pertaining to such transactions as may be prescribed in the interests of revenue." It may be pointed out that if a person fails to comply with the provisions of section 203A, he shall on an order passed by Income-tax Officer, pay by way of penalty a sum which may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and verified in such manner and setting forth such particulars as may be prescribed." 5. A separate circular will be issued to prescribe the time for filing an application for allotment of tax deduction account number under section 203A, to prescribe the income-tax authority to whom the returns, etc., under section 206 are to be submitted and to cover any other incidental matter. In the meantim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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