A Multistate Cooperative Credit Society is having deposits of Rs. 100.00 Crore and advances of Rs. 75.00 Crore and is accepting Deposits from its members and giving loans only to its members.
1. Whether this Society is liable to deduct TDS on Interest paid to its members on Term Deposits in view of the Amendment to Section 194A of the Income Tax Act.
2. Whether the Society can accept deposits in CASH of amounts exceeding Rs. 50,000.00 without insisting for PAN card.
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