Instructions for deduction of tax at source from interest other than interest on securities during financial year 1974-75 at the rates specified in Part II of First Schedule to Finance Act, 1974

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..... 1974-75 at the rates specified in Part II of First Schedule to Finance Act, 1974 1. Under section 194A any person not being an individual or a Hindu undivided family, paying to a resident, any income by way of interest (other than interest on securities) is required, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque .....

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..... ime of payment, to deduct income-tax thereon at the rates in force. The rates prescribed for the purpose in Part II of the First Schedule to the Finance Act, 1974 for the financial year 1974-75 are as under : Income-tax Surcharge I. In the case of a person other than a company 30 per cent 3 per cent or income-tax and surcharge in respect of the income by way of interest at the rates prescri .....

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