2015 (12) TMI 1756

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..... - 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 o f its members paid or credited on or before 1.7.2015.
The Hon'ble Mr.Justice S. Abdul Nazeer And The Hon'ble Mr.Justice P.S.Dinesh Kumar Sri Y.V.Raviraj, Adv. For The Appellant. SRI A.SHANKAR, ADV.Fo .....

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..... by a co-operative society under section 194A(3)(v) of the Income-tax Act shall not apply to the payment of interest on time deposits by the co-operative banks to its members. As this amendment is effective from the prospective date of 1 st June, 2015, the co-operative bank shall be required to deduct tax from the payment of interest on time deposits of its members, on or after the 1 st June, 2015 .....

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