Co-operative Registered Under Souharda Act Exempt from TDS U/S 194A: Karnataka HC

Udaya Souhardha Credit Co-Operative Society Ltd Vs ITO (Karnataka High Court) Karnataka High Court held that co-operative society registered under Karnataka Souharda Sahakari Act, 1997 is not required to deduct TDS on interest payments made to its members as per provisions of section 194A(3)(v) of the Income Tax Act. Facts- Vide the present petition, the petitioner mainly seeks the relief that to declare that the petitioner is a co-operative society as per the provisions of the Act and consequently it is not required to deduct tax at source on the interest payments made to its member as per th...