Instructions for deduction of tax at source during financial year 1980-81 from interest on securities at the rate specified in Part III of First Schedule to Finance (No. 2) Bill, 1980


1. I am directed to invite a reference to this Department’s Circular No. 267 [F.No. 275/13/80-IT(B)], dated 24-4-1980 [Clari­fication 2], wherein you were requested to issue instructions for deduction of income-tax at source from “interest on Government securities” at the same rates as were given in Part III of the First Schedule to the Finance Act, 1979.

2. In view of the Finance (No. 2) Bill, 1980 introduced in the Parliament on June 18, 1980, a draft circular on the basis of the proposed provisions contained therein is attached herewith which may please be issued immediately to all the Treasury Officers and Sub-Treasury Officers under your control individually.

Circular : No. 275 [F.No. 275/13/80-IT(B)], dated 16-7-1980.

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