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Union Budget 2026-27 - Finance Bill, 2026
Section 393(4) of the Act provides for the conditions where tax is not required to be deducted at source under corresponding provision of the Act.
2. In order to align the provisions of the Act with the Income-tax Act, 1961, section 393(4) [Table: Sl. No. 7, Column C (a)(i)] is proposed to be amended to provide that deduction of tax at source shall not be made on interest income (other than interest on securities) credited or paid to any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank).
3. The amendment will take effect from the 1st day of April, 2026.
[Clause 72]
In case of divergence of interpretation, the English text shall prevail.
Full Text:
Interest paid to co operative societies carrying on banking exempt from TDS under Finance Bill amendment effective April 1, 2026. The Act is amended to align with the Income tax Act, 1961 by providing that deduction of tax at source shall not be made on interest income (other than interest on securities) credited or paid to any co operative society engaged in carrying on the business of banking, including a co operative land mortgage bank; the amendment takes effect from 1 April 2026. of Press 'Enter' after typing page number.
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