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of <h1>Guidelines for Tax Deduction at Source on Securities Interest for 1971-72: Rates, Exemptions, and Procedures.</h1> The circular outlines the instructions for deducting tax at source from interest on securities for the financial year 1971-72, as specified in the Finance (No. 2) Bill, 1971. It details the rates of income tax and surcharge applicable to residents, non-residents, domestic companies, and non-domestic companies. Specific exemptions are provided for certain bonds and securities, such as National Defence Bonds and National Savings Certificates. The circular also includes guidelines for handling exemption certificates, rounding off tax amounts, and consulting Income-tax Officers in case of doubt. Treasury Officers are instructed to implement these deductions immediately.
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