Furnishing of statement: specified payers must report interest payments made without tax deduction to the income-tax authority. Section 206A requires specified payers-banking companies, co-operative societies and certain public companies-to prepare, verify and deliver prescribed statements of interest payments to residents made without tax deduction, for prescribed periods and within prescribed timeframes to the prescribed income-tax authority or its authorised person. The Board may direct other persons liable to deduct tax under Chapter XVII to furnish similar statements, and payers may submit correction statements to rectify or update previously furnished information in prescribed form and manner.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Furnishing of statement: specified payers must report interest payments made without tax deduction to the income-tax authority.
Section 206A requires specified payers-banking companies, co-operative societies and certain public companies-to prepare, verify and deliver prescribed statements of interest payments to residents made without tax deduction, for prescribed periods and within prescribed timeframes to the prescribed income-tax authority or its authorised person. The Board may direct other persons liable to deduct tax under Chapter XVII to furnish similar statements, and payers may submit correction statements to rectify or update previously furnished information in prescribed form and manner.
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