29 November 2014
Co operative society enganged in Banking business...NO TDS...e.g.Credit Cooperative Society Other Co operative Societies....TDS to be done
29 November 2014
As per Section 196 only these persons are exempt from TDS provisions (i) the Government, or (ii) the Reserve Bank of India, or (iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income- tax on its income, or (iv) a Mutual Fund specified under clause (23D) of section 10, where such sum is payable to it by way of interest or dividend in respect of any securities or shares owned by it or in which it has full beneficial interest, or any other income accruing or arising to it
Therefore on all other person TDS provision is applicable, including Co-operative Society
CAclubindia
