Tds

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avrandco (Querist)

30 November 2017 Whether TDss is required for the interest on deposits held by Co-operative societies in the Co-operative banks. If not under what sec it is not required to be deducted?

Mayur

Mayur (Expert)

01 December 2017 TDS is not required to be deducted by Co Operative banks for payments of interest made to Cooperative society.
Refer Section 194A(3)(V).

avrandco

avrandco (Querist)

01 December 2017 if interest on time deposits held by co-operative society in co-operative bank >10,000/- whether it is required to deduct TDS?

Mayur

Mayur (Expert)

01 December 2017 No. Go through the section and article from below links :

https://www.incometaxindia.gov.in/pages/acts/income-tax-act.aspx

https://taxguru.in/income-tax/section-194a-amendment-provisions-related-tds-interest.html

avrandco

avrandco (Querist)

02 December 2017 Sir, as per the link specified below there is change in provision and it states that TDS required to be made by Co-operative bank on interest on time deposits>10,000/- paid by it to Co-operative Society. whether it is correct?
https://www.teachoo.com/792/235/Section-194A-TDS-on-Interest-other-than-Interest-on-Securities/category/TDS-Non-Salary/

Mayur

Mayur (Expert)

02 December 2017 yes but at the same time there is a provision that it section 194a is not applicable when co-op bank making interest payments to co-op society

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