Tds

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avrandco (Querist)
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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)
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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)
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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)
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01 December 2017 No. Go through the section and article from below links :

http://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)
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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)
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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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