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of <h1>Finance Bill 2019 Updates Tax Reporting: Banks Must Report Non-TDS Interest Payments Under Section 206A</h1> Clause 50 of the Finance (No. 2) Bill, 2019, substitutes section 206A of the Income-tax Act, effective September 1, 2019. It mandates banking companies, co-operative societies, and specified public companies to furnish statements for payments to residents without tax deduction on interest income not exceeding forty thousand rupees for banks and societies, and five thousand rupees for others. The Board may also require other payers of taxable income to file similar statements. Additionally, provisions are included for filing correction statements to amend submitted information. These requirements aim to enhance reporting and compliance in tax matters.
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