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tds for co operative society

Sri Snigdha (Articles Assisstant) (499 Points)

08 November 2018

is the tds applicable for society (other than co operative bank) paying interests on fixed deposits for non members? The non members are senior citizens!!!

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Nitesh bind (Student CA Final ) (12692 Points)
Replied 08 November 2018

Yes. If Interest is paid on Time deposit by CO-OPERATIVE SOCIETY to NON MEMBER then TDS would be Deducted Normally. But Only if the Interest paid is exceeding Rs. 5,000/-.

Being a senior citizen is of no use here. TDS would be Deducted at 10% normally.

If any amount would have been by CO-OPERATIVE SOCIETY to MEMBER then NO Deduction at all would have been deducted irrespective of the amount of interest.

Thanks. Be helpful to One Another!

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Sri Snigdha (Articles Assisstant) (499 Points)
Replied 08 November 2018

sir, if the same interest is paid to the associate member, then will the tds provisions applicable?

Nitesh bind (Student CA Final ) (12692 Points)
Replied 08 November 2018

No. If Co-operative Society paid Interest then NO TDS is required to be deducted irrespective of the amount paid.

Thanks.

Sri Snigdha (Articles Assisstant) (499 Points)
Replied 08 November 2018

so the tds provisions is not applicable for societies paying interest to members and associate memebrs.. thanku sir

Nitesh bind (Student CA Final ) (12692 Points)
Replied 08 November 2018

No Snigdha ji, it is clearly mentioned under Section 194A.

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Sri Snigdha (Articles Assisstant) (499 Points)
Replied 08 November 2018

sir, here associate members refered in their deed was their past members so tds provisions not applicable aa it is paid to the members.? do clarify this

Nitesh bind (Student CA Final ) (12692 Points)
Replied 08 November 2018

So you are saying they WERE members but they are not member anymore?

Sri Snigdha (Articles Assisstant) (499 Points)
Replied 08 November 2018

past members... not now

Nitesh bind (Student CA Final ) (12692 Points)
Replied 08 November 2018

Associate member is considered to be Same as Original Member but If they are not member now, Then you have to deduct TDS and general threshold of 5,000/- shall be allowed. Means if you are paying up to 5000/- then No TDS and if paying above that then deduct TDS on entire Amount.

Thanks.

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Sri Snigdha (Articles Assisstant) (499 Points)
Replied 08 November 2018

thanku soo much sir for your patiency to answer 😊

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Nitesh bind (Student CA Final ) (12692 Points)
Replied 08 November 2018

You Most Welcome. And Be Helpful to One Another! 🙂

1 Like

Rajeev Sahu (17 Points)
Replied 01 December 2018

@ Nitesh Sir.... Wooowwww.. You are really very helpful. Your every answer is not just an answer but a complete Explaination. Thank you very much.

Nitesh bind (Student CA Final ) (12692 Points)
Replied 01 December 2018

Thanks again Rajeev .. 😊😊

giriraj (PROPRIETOR) (22 Points)
Replied 13 September 2019

In Case TDS not made for interest on non members, do we need to add back the interest ? claim as deduction under 80P ?

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