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<h1>Interest paid to co operative societies carrying on banking exempt from TDS under Finance Bill amendment effective April 1, 2026.</h1> 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.
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