Furnishing of statements in respect of payment of interest to residents without deduction of tax [Section 206A] | AY 2019-20 onwards

This section casts responsibility on every banking company or co-operative society or public company referred to in the proviso to section 194A(3)(i) to prepare such statements for such period as may be prescribed –

• if they are responsible for paying to a resident,
• the payment should be of any income not exceeding Rs 10,000, where the payer is a banking company or a co-operative society, and Rs 5,000 in any other case.
• such income should be by way of interest (other than interest on securities)

The statements have to be delivered or caused to be delivered to the prescribed income-tax authority or the person authorised by such authority.

The statements have to be in the prescribed form, verified in the prescribed manner and to be filed within the prescribed time, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media.

The Central Government may, by notification in the Official Gazette, cast responsibility on any person other than a person mentioned in (1) above.

Such persons would be persons responsible for paying to a resident any income liable for deduction of tax at source.

Such persons are vested with the responsibility to prepare and deliver or cause to be delivered statements within the prescribed time to the prescribed income-tax authority or the person authorized by such authority.

Such statements should be in the prescribed form and verified in the prescribed manner.

Such statements should be on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media.