Regarding TDS

TDS / TCS 517 views 1 replies

Please Clarify, Wethr TDS on Interest paid or credited on deposit made by a Co-operative society in schedule Bank is applicable.

Wehter Schedule Bank has to deduct tax at source on interest given to deposit of a co-operative society since U/s 80P(2)(a) (i) such interest is exempted or not ? 

Replies (1)

No If tds is Cr. of paid to any banking co ,co-operative society,public fianancial institution,LIC, Insurance co. than sec 194 a is nt applicable.

 

If society earns regularly intt on fumd(nt req. for bussiness purpose) such intt is taxable u/s 56 & nt eligible fr deduc. u/s 80p


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