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Rule 116 of Income Tax Rules 1962: Return of Interest Paid

Rule 116 : Return of interest paid
(Part XV : Miscellaneous)

(1) A return shall be furnished under section 285 by the person responsible for paying interest, not being interest on securities, in respect of amounts of interest or aggregate interest exceeding Rs. 1,000.

(2) The return referred to in sub-rule (1) shall be made in Form No. 50.

Extra Notes for Readers:

- Rule 116 was omitted by the Income Tax (5th Amendment) Rules, 1989, w.e.f. 18th May 1989

Check at Income Tax Dept. official site for latest version of the Rule.

This page was created/last updated on 17th October 2016.