https://www.taxtmi.com/caselaws?id=472692 Interest paid or credited by a co-operative bank to a non-member co-operative society falls within the co-operative society exemption from tax deduction at source; the recipient's income-tax deduction eligibility does not determine the payer's obligation. Interest on specified NRE fixed deposits exempt from income tax is not chargeable in India and therefore does not attract withholding on non-resident payments. The exclusion of co-operative banks from the member-interest exemption applies prospectively, so interest on a member's deposit closed before 1 June 2015 remains outside withholding. Relief from default where a resident payee has paid tax requires verification of an accountant's Form 26A certificate. en-us Wed, 02 Sep 2026 00:00:00 +0530 Wed, 21 Oct 2026 19:01:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472692 Interest paid or credited by a co-operative bank to a non-member co-operative society falls within the co-operative society exemption from tax deduction at source; the recipient's income-tax deduction eligibility does not determine the payer's obligation. Interest on specified NRE fixed deposits exempt from income tax is not chargeable in India and therefore does not attract withholding on non-resident payments. The exclusion of co-operative banks from the member-interest exemption applies prospectively, so interest on a member's deposit closed before 1 June 2015 remains outside withholding. Relief from default where a resident payee has paid tax requires verification of an accountant's Form 26A certificate. Case-Laws Income Tax Wed, 02 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472692