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of <h1>Finance Bill Amends Section 206A: New Statement Requirements for Interest Payments Without Tax Deduction Effective October 1, 2009</h1> Clause 67 of the Finance (No. 2) Bill, 2009, amends section 206A of the Income-tax Act, effective October 1, 2009. It replaces the requirement for quarterly returns with prescribed statements for specified periods regarding interest payments to residents without tax deduction. Banking companies, cooperative societies, or public companies paying interest not exceeding ten thousand rupees (or five thousand in other cases) must submit these statements in a prescribed form and manner. The Central Government may also require other persons responsible for tax-deductible payments to submit such statements. A related amendment to section 272A is also proposed.
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