Tds on interest payment to co-operative society

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vikma sureshbhai (Querist)
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11 June 2015 Dear Sir,
Facts - we are partnership firm and having petrol pump business. we had taken cash credit from co-operative society, which is engaged in the banking business but does not have banking license.we are member of that co-operative society and paying interest on cash credit taken.

Query - whether TDS is required to be Deducted on payment of interest on cash credit taken from that co-operative society U/S 194A ? and if not, than give us a relevant case Law if available on the our query.
thanks and Regards
Suresh Vikma

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 June 2015 No TDS to be deducted on interest payments to Co-operative society.
See the link.
http://www.exploreincometax.com/Income-tax-Ready-Reckoners/all-about-tax-deduction-at-source-on-interest-payments-otherthan-securities-tds-under-section-194A

Rupesh Jain

Rupesh Jain (Expert)
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11 June 2015 TDS TO BE DEDCUTED IF SOCIETY NOT DOING THE BANKING BUSINESS U/S 194A

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