CCI Online Learning
50% OFF in CA/CS/CMA Subjects
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

194a


Querist : Anonymous


Querist : Anonymous (Querist)
i want to ask a question related to TDS provision
whether cooperative society carried banking business required to deduct tax on fixed deposit of their members


Yes Cooperative Bank is required to deduct TDS.

Querist : Anonymous


Querist : Anonymous (Querist)
and sir whether sahakari mandalis are also required to deduct tax on FD interest of their members

Yes TDS deduction is required on crossing the threshold limit.

Querist : Anonymous


Querist : Anonymous (Querist)
Thank you sir for your valuable advise.
i was confused because i thought that if cooperative society pay interest to their members than TDS provision will not apply. but u are right it was only for recurring deposit and saving account int.
thank you ones again sir

Querist : Anonymous


Querist : Anonymous (Querist)
but sir as per sec 194A any interest paid by cooperative credit society and cooperative banks to its member thereof are not liable for TDS

Section 194(3)(v) provides that TDS is not required to be deducted on interest paid by a co-operative society to its members or other co-operative socities.

Querist : Anonymous


Querist : Anonymous (Querist)
same is applicable for FD interest to member of cooperative society or its only for interest on recurring deposit and saving account

Querist : Anonymous


Querist : Anonymous (Querist)
same is applicable for FD interest to member of cooperative society or its only for interest on recurring deposit and saving account

It is applicable for all and any type of interest. There is no distinction between the types of interest.

Querist : Anonymous


Querist : Anonymous (Querist)
Thanks sanjay sir and sidhartha sir

No TDS is required on interest paid to members by any society. [sec.194A(3)(v)]
No Tds for interest paid to any depositor,member or non-member by PACS,PCARD banks and Primary credit societies.
Please refer the cases of Moolamattam employees co-operative society and Thodupuzha urban co-operative bank.

No TDS is required on interest paid to members by any society. [sec.194A(3)(v)]
No Tds for interest paid to any depositor,member or non-member by PACS,PCARD banks and Primary credit societies.
Please refer the cases of Moolamattam employees co-operative society and Thodupuzha urban co-operative bank.

No TDS is required on interest paid to members by any society. [sec.194A(3)(v)]
No Tds for interest paid to any depositor,member or non-member by PACS,PCARD banks and Primary credit societies.
Please refer the cases of Moolamattam employees co-operative society and Thodupuzha urban co-operative bank.


You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags
GST Live Class    |    x