Income-tax declaration and deduction rules are revised for banking income, compensation interest, and electronic filing through depositories. Amendments revise the income-tax deduction tables, including a corrected reference in Note 3, expanded treatment of banking income to cover co-operative societies engaged in banking, and a modified rule for interest on Motor Accidents Claims Tribunal compensation. The declaration system is also updated to permit electronic furnishing to a depository for specified income from units, securities, or dividends, where the securities are listed and held with the depository, and the payer must forward the declaration to the prescribed income-tax authority by the seventh day of the following month after each quarter.
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Income-tax declaration and deduction rules are revised for banking income, compensation interest, and electronic filing through depositories.
Amendments revise the income-tax deduction tables, including a corrected reference in Note 3, expanded treatment of banking income to cover co-operative societies engaged in banking, and a modified rule for interest on Motor Accidents Claims Tribunal compensation. The declaration system is also updated to permit electronic furnishing to a depository for specified income from units, securities, or dividends, where the securities are listed and held with the depository, and the payer must forward the declaration to the prescribed income-tax authority by the seventh day of the following month after each quarter.
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