Amendment of section 206A.
67. In section 206A of the Income-tax Act, with effect from the 1st day of October, 2009—
(a) in sub-section (1), for the words, figures and letters "quarterly returns for the period ending on the 30th June, the 30th September, the 31st December and the 31st March in each financial year", the words "such statements for such period as may be prescribed" shall be substituted;
(b) in sub-section (2), for the words "quarterly returns", the words "such statements'' shall be substituted.
Notes on Clauses:
Clause 67 of the Bill seeks to amend section 206A of the Income tax Act relating to furnishing of quarterly return in respect of payment of interest to residents without deduction of tax.
The proposed amendment seeks to provide that any banking company or co-operative society or public company referred to in the proviso to clause (i) of sub-section (3) of section 194A responsible for paying to a resident any income not exceeding ten thousand rupees, where the payer is a banking company or a cooperative society, and five thousand rupees in any other case by way of interest (other than interest on securities), shall prepare such statements for such period as may be prescribed in each financial year and deliver or cause to be delivered to the prescribed income-tax authority or the person authorised 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, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media.
It is further provided that the Central Government may, by notification in the Official Gazette, require any person other than a person mentioned in sub-section (1) responsible for paying to a resident any income liable for deduction of tax at source under Chapter XVII to prepare and deliver or cause to be delivered such statements for such period as may be prescribed in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed to the prescribed income-tax authority or the person authorised by such authority on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media.
It is proposed to make consequential amendment to section 272A of the Income-tax Act.
This amendment will take effect from 1st October, 2009.
