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of <h1>Tax Deduction at Source Rules for Interest Income Updated: Section 194A Amended with 5% Surcharge from Dec 16, 1987.</h1> The circular addresses the deduction of tax at source under section 194A of the Income-tax Act, 1961, concerning interest income other than 'Interest on securities' for the financial year 1987-88. It specifies that the applicable tax rates are outlined in Part II of the First Schedule to the Finance Act, 1987, and highlights an amendment introduced by the Finance (Amendment) Act, 1987, which imposes a 5% surcharge on the computed income-tax effective from December 16, 1987. The circular instructs that this information be disseminated to relevant parties, and offers guidance through Income-tax Officers or Public Relations Officers if needed.
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