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of <h1>Financial Institutions Must Submit Interest Payment Returns Without Tax Deductions; Guidelines and Timing Set by Board.</h1> Every deductor, such as permitted financial institutions or co-operative societies, must submit a return for payments of interest to residents without tax deductions. The Central Government can mandate any deductor to deliver such returns through official notification. The Board will establish guidelines for these returns, including the reporting period, return format, verification process, submission timing and method, and the designated authority or person to receive the return.
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