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of <h1>Correction to 1983 Circular: New 15% Tax Rate on Tax-Free Government Securities Interest, Plus 1.875% Surcharge.</h1> The corrigendum to Circular No. 368, dated November 19, 1983, pertains to the deduction of tax at source under Section 193, read with Section 197(1)/(2) of the Income-tax Act, 1961, concerning interest on government securities. It specifies the applicable tax rates for the fiscal year 1983-84. The correction replaces Item I(ii)(1)(B) in paragraph 2 of the draft circular, stating that the rate of income tax on interest from tax-free securities is 15 percent, with a surcharge of 1.875 percent. This amendment is issued by the Central Board of Direct Taxes.
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