CBDT Circular: Updates on Tax Deduction for Govt Securities Interest u/s 193 & 197 for FY 1986-87.
The circular issued by the Central Board of Direct Taxes addresses the deduction of tax at source under Section 193, in conjunction with Section 197(1)/(2) of the Income-tax Act, 1961, concerning interest on government securities for the financial year 1986-87. It highlights that the Finance Act, 1986, has removed references to surcharge, while the basic income-tax rates remain unchanged from the previous year. The document instructs relevant authorities to issue a circular to all Treasury and Sub-Treasury Officers, updating them on these changes and ensuring the removal of surcharge references from previous instructions.
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