Amendment of Chapter XVII

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..... ent thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force : Provided that no such deduction shall be made in a case where the person (not being a company or a registered firm) entitled to receive such income furnishes to the person responsible for making the payment - (a) an affidavit, or (b) a statement in writing, declaring that his estimated total income assessable for the assessment year next following the financial year in which the income is credited or paid will be less than the minimum liable to income-tax. (2) The statement in writing referred to in sub-section (1) shall also contain such other particulars as may be prescribed, be verified in the .....

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..... ll be substituted, namely :- 196. Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations. -Notwithstanding anything contained in the foregoing provisions of this Chapter, no deduction of tax shall be made by any person from any sums payable to - (i) the Government, or (ii) the Reserve Bank of India, or (iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, where such sum is payable to it by way of interest or dividend in respect of any securities or shares owned by it or in which it has full beneficial interest, or any other income accruing or arising to it. ; (4) in section 197, in sub-section (1), for claus .....

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..... be substituted; (8) after section 206, the following section shall be inserted, namely :- 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 Income-tax 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 t .....

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