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
CAclubindia
