RULG_173 - Taxpublishers.in

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The Tax Publishers Rule 31AC and 31ACA Quarterly Return Under Section 206A and Maintenance of Particulars of Time Deposits by Banking Companies for this Purpose 1. Quarterly return by banking company, co-operative society or housing finance company Section 206A(1), provides that any banking company or cooperative society or public company referred to in the proviso to section 194A(3)(i) responsible for paying to a resident any income 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 quarterly returns for the period ending on the 30th June, the 30th September, the 31st December and the 31st March in each financial year and deliver to the prescribed income-tax authority or the person authorised by such authority the quarterly returns as aforesaid, 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. The Finance (No. 2) Act, 2009 has amended section 206A with effect from 1-10-2009 so as to do away with reference to quarterly return of TDS. Now it is provided that any banking company or co-operative society or public company referred to in the proviso to section 194A(3)(i) shall prepare such statements for such period as may be prescribed in each financial year and deliver 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. 2. Quarterly return by any other person [Section 206A(2)] SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Rule 31AC and 31ACA

Quarterly Return Under Section 206A and Maintenance of Particulars of Time Deposits by Banking Companies for this Purpose

1. Quarterly return by banking company, co-operative society or housing finance company

Section 206A(1), provides that any banking company or cooperative society or public company referred to in the proviso to section 194A(3)(i) responsible for paying to a resident any income 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 quarterly returns for the period ending on the 30th June, the 30th September, the 31st December and the 31st March in each financial year and deliver to the prescribed income-tax authority or the person authorised by such authority the quarterly returns as aforesaid, 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.

The Finance (No. 2) Act, 2009 has amended section 206A with effect from 1-10-2009 so as to do away with reference to quarterly return of TDS. Now it is provided that any banking company or co-operative society or public company referred to in the proviso to section 194A(3)(i) shall prepare such statements for such period as may be prescribed in each financial year and deliver 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.

2. Quarterly return by any other person [Section 206A(2)]