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of <h1>Central Government Updates Income-Tax Act, 1961: Rule 6, Part A, Fourth Schedule, Rate Set at 8% Effective July 21, 1977.</h1> The Central Government, under the authority of clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961, supersedes the previous notification No. S.O. 153(E) dated March 25, 1975. Effective immediately from July 21, 1977, the government sets the rate at eight percent as specified in the aforementioned clause. This change is formalized through Notification No. 0576(E) and is documented under File Number 142(11)/77-TPL.
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