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2016 (7) TMI 748 - KARNATAKA HIGH COURT

2016 (7) TMI 748 - KARNATAKA HIGH COURT - TMI - TDS u/s 194A - whether Co-operative Bank was required to deduct tax while paying interest to its members on time deposits? - Held that:- The Ministry of Finance, Government of India vide Circular No.19/2015 in F.No.142/14/2015- TPL, has held that the Co-operative Banks are not required to deduct tax at source on time deposits of its members paid or credited on or before 1.7.2015. - In view of the aforesaid circular, this appeal does not survive .....

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Act. 2. The Ministry of Finance, Government of India vide Circular No.19/2015 in F.No.142/14/2015- TPL, has held that the Co-operative Banks are not required to deduct tax at source on time deposits of its members paid or credited on or before 1.7.2015. The relevant portion of the circular reads as under: 42.5 In view of this, the provisions of the section 194A(3)(v) of the Income-tax Act have been amended so as to expressly provide that the exemption provided from deduction of tax from payment .....

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