https://www.taxtmi.com/caselaws?id=275933 A co-operative society carrying on banking business must deduct tax at source on interest paid to members on time deposits above the statutory threshold, because the exemption for co-operative societies does not override the specific treatment of banking societies under section 194A. Interest on savings bank deposits and recurring deposits is not subject to TDS, as those deposits are treated as non-time deposits for this purpose. Where the record does not clearly establish whether the payments related to time deposits or other deposits, a finding of default under sections 201 and 201(1A) cannot be sustained without factual verification, and limited remand is required. en-us Thu, 30 Apr 2015 00:00:00 +0530 Tue, 23 Oct 2018 13:46:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275933 A co-operative society carrying on banking business must deduct tax at source on interest paid to members on time deposits above the statutory threshold, because the exemption for co-operative societies does not override the specific treatment of banking societies under section 194A. Interest on savings bank deposits and recurring deposits is not subject to TDS, as those deposits are treated as non-time deposits for this purpose. Where the record does not clearly establish whether the payments related to time deposits or other deposits, a finding of default under sections 201 and 201(1A) cannot be sustained without factual verification, and limited remand is required. Case-Laws Income Tax Thu, 30 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275933