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of <h1>Entities Must Submit Statements for Interest Payments Without TDS Under Section 206A; Includes Banks and Co-ops.</h1> Section 206A of the Income Tax Act mandates that certain entities, such as banking companies, co-operative societies, and specified public companies, must furnish a statement when paying income to residents without deducting tax at source (TDS). If the payment is by way of interest not exceeding Rs. 40,000 for banking companies or co-operative societies, and Rs. 5,000 for others, a statement must be submitted to the prescribed authority. The Board can require others to furnish similar statements. Additionally, correction statements can be submitted to rectify or update information in the original statement.
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