Substitution of section 206A.

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..... 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 prepa .....

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..... ble 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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..... iver or cause to be delivered to the prescribed income-tax authority or to the person authorised by such authority. Sub-section ( 2 ) of the proposed section provides that the Board may, by rules, 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 .....

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