Withholding tax on interest expanded to cover payments by cooperative societies to their members under an amendment. The Finance (No. 2) Act, 1971 amends the income tax withholding provision by inserting the words "to a member thereof or" after the words "by a co ... Summary
Withholding tax on interest expanded to cover payments by cooperative societies to their members under an amendment.
The Finance (No. 2) Act, 1971 amends the income tax withholding provision by inserting the words "to a member thereof or" after the words "by a co operative society" in clause (v) of sub section (3), thereby expressly extending the clause's textual coverage to include payments made to members of cooperative societies.
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