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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 1988-89X X X X Extracts X X X X X X X X Extracts X X X X ..... urce-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 1988-89. I am directed to invite a reference to this Department's Circular No. 486 [F. No. 275/41/87-IT(B)] dated June 1, 1987 (printed at [1987] 166 ITR (St.) 130), on the above subject wherein you were requested to issue necessary instructions to all the Treasury Officers, etc., for making deduction of income-tax at source from the payment of "Interest on Government securities" for the financial year 1987-88. Reference is also invited to this Department's Circular No. 506 [F. No. 275/21/88-IT(B)], dated February 22, 1988 (printed at [1988] 171 ITR (St.) 2, wherein the fact of levy of surchar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m which may extend to Rs. 5,000. In this connection, attention is also invited to the provisions of section 206 of the Income-tax Act, 1961, which reads as under: "206. The prescribed person in the case of every office of Government, the principal officer in the case of every company, the prescribed person in the case of every local authority or other public body or association, every private employer and every other person responsible for deducting tax under the foregoing provisions of this Chapter shall prepare, within the prescribed time after the end of each financial year, and deliver or cause to be delivered to the prescribed income-tax authority, such returns in such form and verified in such manner and setting forth such particula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome-tax in the case of a domestic company. 3. The term "domestic company" means an Indian company or any other company which, in respect of its income liable to income-tax under the Income-tax Act, 1961, for the assessment year commencing on the 1st day of April, 1988, has 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 provisions of section 194 of the Income-tax Act. 4. In making payment or crediting interest on Government securities after April 1, 1988, you are requested to deduct income-tax at the rates specified above, except in cases where an exemption or abatement certificate granted by an Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... State Government where the security is held by a resident individual, and the holder makes a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner as provided in section 197A(1) of the Income-tax Act to the effect that his estimated total income of the previous year in which such income is to be included in computing his total income will be less than the minimum liable to income-tax. A copy of the Declaration Form prescribed under the provisions of section 197A of the Income-tax Act is at Annexure II. A copy of such declaration should be forwarded by you on or before the seventh day of the month next following the month in which the declaration is furnished to you to the Commissioner of Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which Sub-paragraph II of this Paragraph or any other Paragraph of this part applies:- Rates of income-tax (1) Where the total income does not exceed Rs. 18,000 Nil; (2) Where the total income exceeds Rs. 18,000 but does not exceed Rs. 25,000 25 per cent of the amount by which the total income exceeds Rs. 18,000; (3) Where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 Rs. 1,750 plus 30 per cent of the amount by which the total income exceeds Rs. 25,000; (4) Where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 9,250 plus 40 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties were acquired by the declarant 2. that my present occupation is.............. 3. that my estimated total income including the interest on securities referred to in Paragraph 1 above, computed in accordance with the provisions of the Income-tax Act, 1961 for the previous year ending on........ relevant to the assessment year 19.... 19.... will be less than the minimum liable to income-tax; 4. *"that I have not been assessed to income-tax at any time in the past but I fall within the jurisdiction of the Chief Commissioner or Commissioner of Income-tax........ or that I was last assessed to income-tax for assessment year 19.....19....... by the ITO................ Circle/Ward/District and the permanent account number allotted to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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