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of <h1>Amendments to Income-tax Act, 1961: Higher Exemption, New Deduction Timing for Govt Securities Interest; Surcharge Hike.</h1> The circular addresses amendments to the Income-tax Act, 1961, specifically regarding tax deductions at source from interest on government securities for the fiscal year 1989-90. Key changes include tax deduction at the time of credit or payment, whichever is earlier, and an increase in the monetary ceiling for tax exemption on interest from Rs. 1,000 to Rs. 2,500. The Finance Act, 1989, also raises the surcharge on income exceeding Rs. 50,000 from 5% to 8%. The compliance requirements under sections 200, 203, 203A, and 206, including penalties for non-compliance.
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