Section 206A of Income Tax Act for AY 2023-24

Section 206A of Income Tax Act amended by Finance Act. Furnishing of statement in respect of payment of any income to residents without TDS.

Amended and updated notes on section 206A of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Furnishing of statement in respect of payment of any income to residents without deduction of tax.

Chapter XVII (Sections 190 to 234G) of the Income Tax Act 1961 deals with the provisions related to collection and recovery of tax. Section 206A of IT Act 1961 provides for Furnishing of statement in respect of payment of any income to residents without deduction of tax.

Recently, we have discussed in detail section 206 (Persons deducting tax to furnish prescribed returns) of IT Act 1961. Today, we learn the provisions of section 206A of Income-tax Act 1961. The amended provision of section 206A is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 206A of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.

Section-206A: Furnishing of statement in respect of payment of any income to residents without deduction of tax

Section 206A(1) of Income Tax Act

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.

Section 206A(2) of Income Tax Act

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).

Section 206A(3) of Income Tax Act

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.


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