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Tds on interest paid to co-operative credit society (Income Tax)

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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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