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.
2 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 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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