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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....r 1987-88 Circular No. 486 Dated 1/6/1987 From Shri B. Nagarajan, Director, Central Board of Direct Taxes. To All Accountants General & Comptrollers, Accountant General, Post & Telegraph, Simla, Deputy Accountant General, Post & Telegraph, Calcutta and Comptroller & Auditor General of India, New Delhi. Sir, Subject: Deduction of tax at source-Section 193 read with section 197(1)/(2) o....

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....be deducted from such payments after 31st March, 1987 You may please issue the circular on the basis of this draft to all Treasury Officers and Sub-Treasury Officers under your control individually, with a view to ensuring that the provisions of the Act are strictly adhered to by them. 3. It may be mentioned that the Finance Act, 1987, has inserted a new section 203A in the Income-tax Act, 1961, ....

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....tions 206, 206A and 206B to any income-tax authority; and (d) in all other documents pertaining to such transactions as may be prescribed in the interests of revenue." It may be pointed out that if a person fails to comply with the provisions of section 203A, he shall on an order passed by Income-tax Officer, pay by way of penalty a sum which may be to the extent of Rs. 5,000, as per the provisi....