Regarding Sec194 A
This query is : Resolved
31 August 2010
our client has taken a loan from a pathsanstha(Co-operative bank) and paid interest of Rs 1.4 lacs. So is it necessary to deduct tds & pay interest. & wat if tds is not deducted.
31 August 2010
No TDS to be deducted from A banking company to which the Banking Regulation Act 1949 applies.
If the interest is paid by a co-operative society engaged in banking business: No deduction is to be made on interest of Rs.10,000/- or less per financial year. Only time deposits are covered here.
If the interest is paid by a co-operative society engaged in banking business: No deduction is to be made on interest of Rs.10,000/- or less per financial year. Only time deposits are covered here.
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