TDS deductible by co-operative banks on interest on time deposits only from 01.06.2015

ACIT Vs Dharmapuri District Central Co-operative Bank Ltd. (ITAT Chennai) Held that co-operative banks are liable to deduct TDS on payment of interest on time deposits only from 01.06.2015 and not before that. Facts- Assessee, a co-operative society, paid interest on deposits for more than Rs. 10,000/- and since no TDS, AO proceeded to make disallowance u/s. 40(a)(ia). CIT(A) directed AO to delete the said disallowance. Being aggrieved, the revenue is in appeal. Conclusion- Hon’ble Madras HC in the case of Coimbatore District Central Cooperative Bank Ltd. V/S ITO has held that it is propose...