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of <h1>Guidelines for Tax Deduction on Securities Interest for FY 1970-71: Rates, Exemptions, and Rounding Rules.</h1> The circular provides instructions for the deduction of tax at source from interest on securities for the financial year 1970-71, as per the Finance Bill, 1970. It specifies tax rates for residents and non-residents, and for domestic and non-domestic companies. Exemptions include certain government bonds, National Savings Certificates, and securities held by specific entities like State Housing Boards and hospitals. No tax is deducted for interest on exempted securities or if a valid exemption certificate is presented. Tax amounts must be rounded to the nearest rupee, and in case of uncertainty, consultation with the Income-tax Officer is advised.
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