1722. Instructions for deduction of tax at source from interest on securities during financial year 1982-83 at the rates specified in Part III of First Schedule to Finance Act, 1982

1. I am directed to invite a reference to the Board’s Circular No. 299 [F. No. 275/10/81-IT(B)], dated 24-4-1981, wherein you were requested to issue necessary instructions for making deduction of income-tax at source from “Interest on Government securities” as prescribed in the Finance Bill, 1981.

2. There is no change in the rates of deduction of tax at source from such income to be made for the financial year 1982-83, prescribed in Part II of the First Schedule to the Finance Act, 1982. However, some changes have been made in Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the said Finance Act, 1982. The tax should, therefore, continue to be deducted at source during the financial year 1982-83, at the rates intimated in the Board’s circular referred to in para 1 above except where the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of the First Schedule are applicable. The deduction of tax should be made in accordance with the annexed Sub-Paragraph I, wherever it is applicable.

Circular : No. 348 [F. No. 275/19/82-IT(B)], dated 16-8-1982.

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