TDS

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Vaibhav Chougule (Querist)
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15 June 2009 In case of co operative bank if the person is shareholder of the bank then no TDS is deductible on the Fixed Deposits.
However, whether same principal will be applicable if the person is Nominal Shareholder.

Ratan Sharma

Ratan Sharma (Expert)
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16 June 2009 Yes, even if the person is nominal shareholder, no TDS is required to be made. It is necessary that the person holds some shares whether nominal or otherwise is immaterial. No TDS on interest paid on fixed deposits of shareholders in a co-operative bank. Concept of mutuality applies.

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