06 March 2009
as a co operative society having fd of 4,00,000 but not having any taxable income that is our final income is not crossing the taxable slab wether by filing form 15G can save society from tds deductible by bank u/s 194A
I understand from the above that a Co-operative Society cannot submit Form 15 G
(2) However TDS provisions of Sec 194A do not apply "where interest is credited or paid by a co-operative society to ...any other co-operatvie society" (Source: Para 156.1 of 31st edition of Singhania's Direct Taxes Ready Reckoner)
So you may like to examine the scope for parking your surplus funds in other Co-operative societies or Co-operative Banks.
Earlier I was associated with an Employees' CCS. They were depositing in Co-operative Banks and getting Interest without TDS
06 March 2009
u.s. 197A a person, other the a company or firm may file 15G for non deduction of tax u/s 194A. since you are not form or company so you can file 15G.
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