Amendment of section 200.
63. In section 200 of the Income-tax Act, in sub-section (3), for the words, figures and letters ''prepare quarterly statements for the period ending on the 30th June, the 30th September, the 31st December and the 31st March in each financial year'', the words "prepare such statements for such period as may be prescribed" shall be substituted with effect from the 1st day of October, 2009.
Notes on Clauses:
Clause 63 of the Bill seeks to amend section 200 of the Income tax Act relating to duty of the person deducting tax.
The proposed amendment seeks to provide that any person deducting any sum on or after the 1st day of April, 2005 in accordance with the provisions of Chapter XVII-B or, as the case may be, any person being an employer referred to in sub-section (1A) of section 192 shall, after paying the tax deducted to the credit of the Central Government within the prescribed time, prepare such statements for such period as may be prescribed in each financial year and deliver or cause to be delivered to the prescribed incometax authority or the person authorized by such authority such statements for such period, in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.
This amendment will take effect from 1st October, 2009.
