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of <h1>Banking companies must file statements for interest payments under Rs 40,000 without tax deduction per Section 206A</h1> Section 206A of the Income Tax Act, 1961 mandates statement furnishing requirements for entities paying income to residents without tax deduction at source. Banking companies, cooperative societies, and specified public companies must prepare prescribed statements when paying interest income not exceeding forty thousand rupees for banks and cooperative societies, or five thousand rupees for other entities. The statements must contain specified particulars for prescribed periods, be verified as required, and delivered to designated income tax authorities within stipulated timeframes. The Board may extend these requirements to other persons responsible for paying income liable for tax deduction at source under Chapter XVII. Entities may also submit correction statements to rectify mistakes or update information in previously filed statements. The provision establishes a reporting mechanism to track income payments that fall below tax deduction thresholds, ensuring transparency in financial transactions while maintaining compliance with income tax regulations.
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