Deduction of tax at source-Section 193 read with section 197(1)/(2) of the Income-tax Act, 1961-Interest on Govt. Securities-Rates of tax applicable during the financial year 1986-87

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..... nancial year 1986-87 Circular No.460 Dated 3/7/1986 From B. Nagarajan, Secretary, 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 sectio .....

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..... in the case of tax deduction at source from payments of "Interest on Govt. Securities" is the deletion of all references to surcharge. The basic rates of income-tax as communicated in the aforesaid Circular remain unchanged in its application during the financial year 1986-87. It is, therefore, requested that a Circular on the basis of the draft already supplied to you along with this Department's .....

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