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—
(a) any financial institution; or
(b) any co-operative society.
(3) The Central Government may, by notification, 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, in respect of the return of tax deduction under section 198 and the return under this section, prescribe the following, namely:—
(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 matter connected therewith.
