Reporting of payments without deduction of tax
199. (1) Every deductor shall deliver, or cause to be delivered, a return in respect of payment of interest to residents without deduction of tax.
(2) The deductor referred to in sub-section (1) shall be any -
(a) permitted financial institution; or
(b) co-operative society.
(3) The Central Government may, by notification in the Official Gazette, require any deductor to deliver, or cause to be delivered, a return in respect of any payment without deduction of tax.
(4) The Board shall prescribe the following in respect of the return under this section:-
(a) the period in respect of which the return is to be furnished;
(b) the form of the return and the particulars therein;
(c) the manner of verification of the return;
(d) the time by, and the medium in, which the return is to be delivered;
(e) the income-tax authority, or any other person, authorised to receive the return; and
(f) any other matters connected therewith.
