lower deduction certificate

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2011 Can a Banking credit co-op soc. take a lower deduction certificate for TDS under section 197 of income tax act?

Can a cooperative credit society doing banking business keep its FD with scheduled bank and save itself from deduction of TDS?

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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19 May 2011 1. Not Possible
2. Not Possible

Pragnesh

Pragnesh (Expert)
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19 May 2011 dear friend As per 1st Query : Any taxpayer can apply for the certificate of deduction of tax at lower rate u/s 197 of the I.T. Act.

and 2nd Query : YOu can do this but so far as concern you can not save TDS amount.

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Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2011 1.can you please let me know why it is not possible?

2. Is this income taxable in the hands of Co-op credit so doing banking business