Income-tax Act, 1961-Section 193 read with section 179(1)/(2)-Interest on Government securities-Rates of tax applicable during the year 1976-77 as proposed in the Finance Bill, 1976
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Tax deduction on interest from government securities: revised withholding rates to be applied and circulars issued to treasury officers. Deduction of tax at source from interest on Government securities is to follow the rates proposed in the Finance Bill, 1976 and be applied to payments on or after 1 April 1976; the Central Board of Direct Taxes forwarded a draft circular of those rates and requested Accountants General and Comptrollers to issue it immediately to all Treasury and Sub Treasury Officers for uniform implementation.
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Tax deduction on interest from government securities: revised withholding rates to be applied and circulars issued to treasury officers.
Deduction of tax at source from interest on Government securities is to follow the rates proposed in the Finance Bill, 1976 and be applied to payments on or after 1 April 1976; the Central Board of Direct Taxes forwarded a draft circular of those rates and requested Accountants General and Comptrollers to issue it immediately to all Treasury and Sub Treasury Officers for uniform implementation.
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