Section 204 — Furnishing of particulars for deduction of tax at source from income under head "Salaries"

(1) The assessee may furnish the following particulars in Form No. 122 to the person responsible for making the payment referred to in sub-section (1) ofsection 392, for the purpose of making deduction under the said sub-section:—
(a) any income under the head "Salaries" due or received by the assessee, from any other employer or employers during the tax year;
(b) any loss under the head "Income from house property" for the same tax year;
(c) any income chargeable under any head of income other than "Salaries", not being a loss under any such head [other than the loss specified in clause(b)] for the same tax year; and(d) any tax deducted or collected at source under Chapter XIX-B of the Act for the same tax year.
(2) The person responsible for paying any income chargeable under the head "Salaries" shall furnish to the person to whom such payment is made, a statementgiving correct and complete particulars of perquisites or profits in lieu of salary and the value thereof in—
(a) the relevant columns provided in Form No. 130, if the amount of salary paid or payable to the employee for the tax year is not more than Rs. 150000;or(b) Form No. 123, if the amount of salary paid or payable to the employee for the tax year is more than Rs. 150000.
(3) "Salary" for the purposes of this rule shall have the same meaning as given in rule 15.