Section 206A - Furnishing of statement in respect of payment of any income to residents without deduction of tax - Income-tax Act, 1961

5 [Furnishing of statement in respect of payment of any income to residents without deduction of tax. 206A. (1) 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 forty thousand rupees, where the payer is a banking company or a co-operative society, and five thousand rupees in any other case by way of interest (other than interest on securities), shall prepare such statement in such form, containing such particulars, for such period, verified in such manner and within such time, as may be prescribed, and deliver or cause to be delivered the said statement to the prescribed income-tax authority or to the person authorised by such authority. (2) The Board may 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 such statement in such form, containing such particulars, for such period, verified in such manner and within such time, as may be prescribed, and deliver or cause to be delivered the said statement to the income-tax authority or the authorised person referred to in sub-section (1). (3) The person responsible for paying to a resident any income referred to in sub-section (1) or sub-section (2) may also deliver to the income-tax authority referred to in sub-section (1), a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under the said sub-sections in such form and verified in such manner, as may be prescribed. ] -------------------- Notes :- 1. Inserted by the Finance Act, 2005, w.e.f. 1-6-2005. Earlier original section 206A was inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967 and thereafter amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Prior to its omission by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996, section 206A read as under : 206A. Person paying interest to residents without deduction of tax, to furnish prescribed return.- Any person responsible for paying any income referred to in section 194A shall prepare, and within thirty days from the 31st day of March in each year, deliver or cause to be delivered to the Assessing Officer in the prescribed form and verified in the prescribed manner, a return in writing showing- (a) the name and address of every person who has furnished to him an affidavit or a statement under the proviso to sub-section (1) of section 194A; (b) the amount of the income credited or paid during the financial year to each such person and the time or times at which the same was credited or paid, as the case may be; and (c) such other particulars as may be prescribed. 2. Substituted for not exceeding five thousand rupees by the Finance Act, 2007, w.e.f. 1-6-2007. 3. Substituted vide Finance (No.2) Act, 2009, w.e.f. 1-10-2009, before it was read as, quarterly returns for the period ending on the 30th June, the 30th September, the 31st December and the 31st March in each financial year 4. Substituted vide Finance (No.2) Act, 2009, w.e.f. 1-10-2009, before it was read as, quarterly returns 5. Substituted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-09-2019 before it was read as 1 [Furnishing of quarterly return in respect of payment of interest to residents without deduction of tax. 206A. (1) 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 2 [ not exceeding ten thousand rupees, where the payer is a banking company or a co-operative society, and five thousand rupees in any other case ] by way of interest (other than interest on securities), shall prepare 3 [such statements for such period as may be prescribed] and deliver or cause to be delivered to the prescribed income-tax authority or the person authorised by such authority the quarterly returns as aforesaid, in the prescribed form, verified in such manner and within such time as may be prescribed, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media. (2) 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 4 [such statements] in the prescribed form and verified in such manner 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.]