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-

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