Income-tax Act, 1961--Section 193 read with section 197(1)/(2)--Interest on Government securities--Rates of tax applicable during the year 1979-80 as prescribed in the Finance Act, 1979
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Tax deduction on government securities: revised withholding rates issued; treasury officers directed to apply new rates immediately. The circular forwards a draft schedule prescribing the rates at which income-tax and surcharge must be deducted from interest on Government securities for the relevant year as set out in the Finance Act, 1979, and directs immediate issue of the circular to all Treasury Officers and Sub Treasury Officers so that the revised withholding rates are applied to interest payments after the stated date.
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Tax deduction on government securities: revised withholding rates issued; treasury officers directed to apply new rates immediately.
The circular forwards a draft schedule prescribing the rates at which income-tax and surcharge must be deducted from interest on Government securities for the relevant year as set out in the Finance Act, 1979, and directs immediate issue of the circular to all Treasury Officers and Sub Treasury Officers so that the revised withholding rates are applied to interest payments after the stated date.
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