Deduction of tax at source under section 194A of the Income-tax Act, 1961-Deduction from interest income other than income chargeable under the head "Interest on securities"-Rate of tax applicable during the financial year 1987-88-Levy of surcharge on income-tax-Regarding

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.... section 194A of the Income-tax Act, 1961-Deduction from interest income other than income chargeable under the head "Interest on securities"-Rate of tax applicable during the financial year 1987-88-Levy of surcharge on income-tax-Regarding Circular No. 510 Dated 23/2/1988 To All Chambers of Commerce, etc. Sir, Subject:  Deduction of tax at source under section 194A of the I....

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.... Act, 1987, has been amended with immediate effect. According to this amendment, the amount of income-tax computed on the basis of the rates laid down in the Finance Act, 1987, shall be increased by a surcharge for purposes of the Union calculated at the rate of 5% of such income-tax. The levy of surcharge has come into force w.e.f. 16-12-1987. 2. The contents of this circular may be brought to....

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