Tds on co-op bank members

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Hello respected experts and members,

 

There was this CBDT notification, which stated

"The Central Board of Direct Taxes has ruled that TDS will not be cut out of the interest a 'member' of a co-operative bank receives on deposits."

 

But please clarify, is it only for TDS purpose, and we will still have to calculate our tax liability taking into account the interest income received on FD/RD/savings bank account, even if we are members of a co-op bank? And pay tax accordingly before filling the return?

 

thnx.

Athul

Replies (1)

Yes tax is payable on interest even though TDS is not deducted

 

regards


CCI Pro

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