https://www.taxtmi.com/caselaws?id=471513 Interest paid by a co-operative bank to co-operative housing societies on time deposits is subject to tax deduction at source where it exceeds the prescribed threshold. The specific rules applicable to co-operative societies carrying on banking business prevail over the general member-interest exemption. The amendment effective from 1 June 2015 excludes co-operative banks from that exemption for time-deposit interest, operates prospectively, and applies to the relevant assessment year. Housing co-operative society recipients are not banking entities eligible for the exemption; accordingly, the bank must deduct tax on qualifying interest payments. en-us Tue, 15 Jul 2025 00:00:00 +0530 Mon, 07 Sep 2026 19:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471513 Interest paid by a co-operative bank to co-operative housing societies on time deposits is subject to tax deduction at source where it exceeds the prescribed threshold. The specific rules applicable to co-operative societies carrying on banking business prevail over the general member-interest exemption. The amendment effective from 1 June 2015 excludes co-operative banks from that exemption for time-deposit interest, operates prospectively, and applies to the relevant assessment year. Housing co-operative society recipients are not banking entities eligible for the exemption; accordingly, the bank must deduct tax on qualifying interest payments. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471513