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of <h1>No TDS on Interest for Co-op Society Members u/s 194A; Rules Differ for Non-members and Deposit Types.</h1> Under section 194A of the Income-tax Act, 1961, tax is deductible at source from interest payments, except for interest paid by a co-operative society to its members, which is exempt. Members of a co-operative bank can receive interest on both time deposits and other deposits without TDS under section 194A(3)(v). Non-members can receive interest without TDS only on non-time deposits made after July 1, 1995. The exemption applies only to members who have joined the co-operative society at registration or as per its rules and have fully paid for at least one share, with voting and profit-sharing rights.
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