https://www.taxtmi.com/caselaws?id=471530 Interest paid by a co-operative bank on time deposits to a co-operative society remains exempt from tax deduction at source under the co-operative society exemption in section 194A(3)(v). Although the post-2015 amendment excludes co-operative banks from the general member-interest exemption, the continuing exemption for payments by one co-operative society to another applies where the depositor is a co-operative society, including for time deposits. As no tax is deductible on such payments, TDS-default consequences under sections 201(1) and 201(1A) do not arise, and the related interest expenditure cannot be disallowed under section 40(a)(ia). en-us Wed, 26 Jun 2024 00:00:00 +0530 Tue, 08 Sep 2026 11:05:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471530 Interest paid by a co-operative bank on time deposits to a co-operative society remains exempt from tax deduction at source under the co-operative society exemption in section 194A(3)(v). Although the post-2015 amendment excludes co-operative banks from the general member-interest exemption, the continuing exemption for payments by one co-operative society to another applies where the depositor is a co-operative society, including for time deposits. As no tax is deductible on such payments, TDS-default consequences under sections 201(1) and 201(1A) do not arise, and the related interest expenditure cannot be disallowed under section 40(a)(ia). Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471530