Tds on interest payment to co-operative society
This query is : Resolved
vikma sureshbhai
(Querist)
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
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
(Expert)
11 June 2015
No TDS to be deducted on interest payments to Co-operative society.
See the link.
https://www.exploreincometax.com/Income-tax-Ready-Reckoners/all-about-tax-deduction-at-source-on-interest-payments-otherthan-securities-tds-under-section-194A
See the link.
https://www.exploreincometax.com/Income-tax-Ready-Reckoners/all-about-tax-deduction-at-source-on-interest-payments-otherthan-securities-tds-under-section-194A
Rupesh Jain
(Expert)
11 June 2015
TDS TO BE DEDCUTED IF SOCIETY NOT DOING THE BANKING BUSINESS U/S 194A
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