Amendment to Income Tax Act Section 194A(3)(V) Not Retrospective; No TDS Obligation for Co-op Banks in AY 2012-13.

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....Disallowance u/s 40(a)(ia) - since amendment to section 194A(3)(V) operates prospectively w.e.f. 01.06.2015, the assessee, being a Co-operative Bank, is not required to deduct tax at source from the payment of interest on terms deposits to its Members in the year under consideration i.e., Assessment Year 2012-13 - no disallowance....