Deduction of tax at source-Section 193 read with section 197(1)/(2) of the Income-tax Act, 1961-Interest on Government Securities-Rates of tax applicable during the year 1987-88
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Tax Deduction at Source on govt securities interest: withholding rates unchanged; deductors must obtain and quote TDS account numbers. Deduction of tax at source from interest on Government securities for 1987-88 remains at the same withholding rates; Treasury and Sub Treasury Officers ... Summary
Tax Deduction at Source on govt securities interest: withholding rates unchanged; deductors must obtain and quote TDS account numbers.
Deduction of tax at source from interest on Government securities for 1987-88 remains at the same withholding rates; Treasury and Sub Treasury Officers must deduct income tax at source accordingly. The Finance Act, 1987 introduces a requirement to obtain and quote a tax deduction account number under Section 203A, prescribes quoting it in challans, certificates and returns, and provides for a penalty for non compliance; the Act also substitutes the provision on annual returns by deductors, with separate circulars to follow prescribing application timelines and filing authorities.
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