About tds on intrest pay by credit cooprative society
This query is : Resolved
RAKESH KUMAR SHARMA
(Querist)
26 April 2014
SIR,
Iwant to know that i am a mamber of ongc employees co oprative society ltd .i have a fix deposit of 2 lakh,of my self name and 2 lakh of my wife name .Society will give me intrest on amount 9% per year and intrest will pay every 6 month .what they cut the tds on intrest as per co oprative society act.
thank
RK SHARMA
Iwant to know that i am a mamber of ongc employees co oprative society ltd .i have a fix deposit of 2 lakh,of my self name and 2 lakh of my wife name .Society will give me intrest on amount 9% per year and intrest will pay every 6 month .what they cut the tds on intrest as per co oprative society act.
thank
RK SHARMA
26 April 2014
tds on int will be deducted under income tax act u/s 193A OR 194 WHICHEVER IS applicable only if the total int exceeds rs 10,000 p.a
Nikhil Kaushik
(Expert)
27 April 2014
TDS doesn't apply to interest payments made by a cooperative society to its members.
Please refer section 194A(3)(v).
Please refer section 194A(3)(v).
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