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TDS on Interest Paid by Co-operative Banks to Societies
Understand TDS liability for co-operative banks paying interest to co-operative societies. Learn about exemptions, amendments, and new provisos.
Co-Operative societies are liable to deduct tax from payment of interest
The Kerala High Court has upheld the validity of the proviso to Section 194A(3) of the Income Tax Act, 1961, making it mandatory for co-operative societies with turnover above Rs 50 crore to deduct TDS on interest paid to depositors.
Are Co-operative Societies Liable Under GST?
Supply of service or goods provide to the members by a co-operative society registered under any co-operative law will not come under the provisions of the GST Act. Why? We shall look into the statutory provisions of the law and the Constitution of India.
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