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of <h1>Tax Deduction Details for Government Securities Interest FY 1988-89: 5% Surcharge, Section 193 Compliance Required.</h1> The circular addresses the deduction of tax at source on interest from government securities for the financial year 1988-89, under Section 193 of the Income-tax Act, 1961. It specifies that the basic tax rates remain unchanged from the previous year, but a 5% surcharge is applicable for resident Indians and domestic companies. Treasury Officers and banks are instructed to adhere to these rates unless an exemption certificate is presented. The document emphasizes compliance with tax deduction account number requirements and penalties for non-compliance. It also outlines circumstances under which tax should not be deducted, such as certain exemptions and securities.
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