Tds on interest paid to co-operative credit society

This query is : Resolved 

Querist : Anonymous (Querist) 31 July 2012

Whether TDS is to be deducted on interest paid to Co-Operative credit society registered in Maharashtra under Maharashtra Co-Operative credit society Act. Society is accepting deposits from members, lending loans to members, however not participating in clearing house transactions.

CA Siddhartha Bhardwaj (Expert)
31 July 2012

If the society is carrying on the business of banking, then TDS is NOT required to be deducted.

Otherwise, TDS is required to be deducted.

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