Deduction of tax at source under sections 194B and 194BB of the Income-tax Act, 1961-Deduction from winnings from lottery or crossword puzzles or house races-Rates of tax applicable during the financial year 1987-88-Levy of surcharge-Regarding

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....he Income-tax Act, 1961-Deduction from winnings from lottery or crossword puzzles or house races-Rates of tax applicable during the financial year 1987-88-Levy of surcharge-Regarding Circular No. 507 Dated 23/2/1988 To             All State Government including Union Territory         &nbs....

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.... your notice that by section 3 of the Finance (Amendment) Act, 1987 (No. 46 of 1987), the First Schedule to the Finance Act, 1987, has been amended. According to this amendment, the amount of income-tax computed on the basis of the aforesaid circular shall be increased by a surcharge for the purpose of the Union calculated at the rate of 5% of such income-tax. The levy of surcharge comes into forc....