Interest Earned on FDs in Co-Operative Societies

Q & A Forum › Category: Fixed Deposits › Interest Earned on FDs in Co-Operative Societies

kmadhavadas asked 9 years ago

Good Evening Sreekanth, Appreciate if you could let me know interest earned on FDs that are in co-operative societies. This question is intended for my sister in India. Regards, Madhava das

2 Answers

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Sreekanth Staff answered 9 years ago

Dear Madhava, I believe that Interest earned by an individual from a co-operative society on the deposits is taxable in the hands of an individual.

kmadhavadas replied 9 years ago

http://www.thehindubusinessline.com/money-and-banking/vinson-kurian/article6983070.ece

When you get a chance, will you go through this article & let me know what exactly it menas & I am not getting the point clear from this. Appreciate your help.

Regards,
Madhava das

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Sreekanth Staff answered 9 years ago

The mentioned article talks about TDS only. Kindly note that interest income on Deposits is taxable income. Kindly note that 'NO TDS does not mean the income is not taxable'. Kindly read: TDS & Misconceptions.

kmadhavadas replied 9 years ago

Thanks a lot Sreekanth.