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of <h1>New Tax Rates on Government Securities Interest for 1980-81 Announced in Finance (No. 2) Bill, 1980.</h1> The circular addresses the applicable tax rates on interest from government securities for the fiscal year 1980-81, as outlined in the Finance (No. 2) Bill, 1980. It refers to a previous circular requesting the deduction of income tax at source at rates specified in the Finance Act, 1979. With the introduction of the Finance (No. 2) Bill, 1980, new instructions are to be issued to Treasury Officers and Sub-Treasury Officers for implementing the updated tax provisions. The circular is directed to all Accountants-General, Comptrollers, and the Comptroller & Auditor-General of India for immediate action.
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