Section 206 of ITA, 1961 : Section 206: Persons Deducting Tax To Furnish Prescribed Returns
ITA, 1961
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Explanation using Example
Imagine a scenario where ABC Pvt. Ltd., a private company, has deducted tax at source (TDS) from salaries paid to its employees during the financial year. As per Section 206(1) of the Income-tax Act, 1961, the principal officer of ABC Pvt. Ltd. is responsible for preparing and delivering a TDS return to the prescribed income-tax authority after the end of the financial year. The return must include all necessary particulars and be verified in the manner prescribed by the tax authorities.
In compliance with Section 206(2), ABC Pvt. Ltd. opts to submit their TDS return electronically. The company uses a computer read...
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