TDS APPLICABLE

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28 Points Posted on 13 January 2021
interest paid to co-op society more than 5000 by tax audit assessee is liable for tds provisions or not?
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On 13 January 2021 at 10:48 Report
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This discussion clarifies the TDS applicability on interest paid to co-operative societies exceeding £5,000. Following the Finance Act 2020 amendments, co-operative societies with gross receipts over £50 crore must deduct TDS under Section 194A at 10% when paying interest to members or other co-operative societies, regardless of whether they conduct banking business.

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Chartered Accountant
24588 Points Posted on 13 January 2021
Not liable for tds
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On 13 January 2021 at 12:29
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28 Points Posted on 13 January 2021
But why
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On 13 January 2021 at 13:09
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Chartered Accountant
24588 Points Posted on 13 January 2021
After the amendment by Finance Act 2020, TDS has to be deducted u/s 194A by a co-operative society having gross receipts exceeding Rs 50 Cr in case of payment of interest to its members and also to other co-operative societies irrespective of the fact that whether it is engaged in the business of banking or not @ 10%
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On 13 January 2021 at 13:44

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