Applicability of the provisions in respect of income paid or credited to a member of co-operative bank

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....income by way of interest other than income by way of interest on securities. Clause (v) of sub-section (3) of section 194A exempts such income credited or paid by a co-operative society to a member thereof from the requirement of TDS. On the other hand, clause (viia) of sub-section (3) of section 194A exempts from the requirement of TDS such income credited or paid in respect of deposits (other t....

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....bank, who shall receive interest only on deposits other than time deposits made on or after 1-7-1995 without TDS under section 194A. 3. A question has also been raised as to whether nominal members, associate members and sympathizer members are also covered by the exemption under section 194A(3)(v). It is hereby clarified that the exemption is available only to such members who have joined in app....