https://www.taxtmi.com/caselaws?id=330150 The court dismissed the appeal by the Revenue, ruling that a Co-operative Bank was not obligated to deduct tax while paying interest to its members on time deposits as per Section 194-A of the Income Tax Act. The Ministry of Finance clarified through Circular No.19/2015 that Co-operative Banks were not required to deduct tax on time deposits paid or credited before 1.7.2015. The circular specified that Co-operative Banks must deduct tax from interest payments on time deposits to members after 1st June, 2015. Consequently, the court dismissed the appeal without costs. en-us Wed, 16 Dec 2015 00:00:00 +0530 Tue, 19 Jul 2016 13:03:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330150 The court dismissed the appeal by the Revenue, ruling that a Co-operative Bank was not obligated to deduct tax while paying interest to its members on time deposits as per Section 194-A of the Income Tax Act. The Ministry of Finance clarified through Circular No.19/2015 that Co-operative Banks were not required to deduct tax on time deposits paid or credited before 1.7.2015. The circular specified that Co-operative Banks must deduct tax from interest payments on time deposits to members after 1st June, 2015. Consequently, the court dismissed the appeal without costs. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330150