Interst on FD

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17 Points Posted on 30 March 2021
If a Co-operative society is having Fixed Deposit of 40 Lakhs (Repairs Fund) and earning interest of sum around 1.5 lakhs as Interest Income.

Banks have deducted TDS.

How to avoid this TDS for Society.
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On 30 March 2021 at 16:24 Report
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Quick Summary
This discussion addresses how co-operative societies can avoid Tax Deducted at Source (TDS) on interest earned from Fixed Deposits. If your society has a significant Fixed Deposit and is receiving interest income, TDS may be deducted by the bank. The recommended solution is to apply for a nil or lower deduction certificate under Section 197 of the Income Tax Act. A link to the relevant form is provided for guidance.

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CMA
13117 Points Posted on 31 March 2021
You may probably apply for a nil/lower deduction certificate as per section 197 of IT Act. https://www.charteredclub.com/income-tax-form-13-for-applying-for-nillower-deduction-of-tds/
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On 31 March 2021 at 16:41
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17 Points Posted on 31 March 2021
Thanks Poornima Madhavaji... 🙏
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On 31 March 2021 at 18:29

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