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of <h1>Finance Bill 2019 amends Section 206A for electronic filing of statements on untaxed interest payments to residents.</h1> The Finance (No. 2) Bill, 2019 proposes amendments to Section 206A of the Act to facilitate electronic filing of statements for transactions where tax has not been deducted at source on interest payments to residents. The amendment allows online submission of such statements in a prescribed format and manner, with provisions for correcting errors or updating information. Additionally, a consequential amendment aligns with the Finance Act, 2019, which raised the threshold for tax deduction at source on interest payments by certain financial entities to forty thousand rupees. These changes are effective from September 1, 2019.
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