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Rule 31AC of Income Tax Rules 1962: Maintenance of particulars of time deposits by a banking company for furnishing quarterly return under section 206A

Rule 31AC : Maintenance of particulars of time deposits by a banking company for furnishing quarterly return under section 206A
(Chapter: VI - Deduction of Tax at Source)

(1) Every branch of a banking company, which is required to make a quarterly return under sub-section (1) of section 206A in respect of interest on time deposits without deduction of tax at source, shall keep and maintain the particulars of such time deposits in Form No. 26QA.

(2) Every branch referred to in sub-rule (1) which is maintaining its daily accounts on computer media, shall keep and maintain the particulars in Form No. 26QA on computer readable media.



Extra Notes for Readers:

- Rule 31AC was introduced by the Income Tax (17th Amendment) Rules 2005, w.e.f. 28th June 2005
- Rule 31AC was substituted by the Income Tax (2nd Amendment) Rules 2006, w.e.f. 17th March 2006

Reference/Source: Check at Income Tax site for latest version of the Rules - link

This page was last updated on 17th October 2016.
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