About tds on intrest pay by credit cooprative society

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RAKESH KUMAR SHARMA (Querist)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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

Nikhil Kaushik (Expert)
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27 April 2014 TDS doesn't apply to interest payments made by a cooperative society to its members.

Please refer section 194A(3)(v).

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