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| Article Name : | | | DILEMMA OF TDS ON INTEREST OF DEPOSITS IN COOPERATIVE BANKS | | Author Name : | | | Rajendra Dhanappa Jeur | | Publisher : | | | Ashok Yakkaldevi | | Article Series No. : | | | ISRJ-372 | | Article URL : | |  | Author Profile | | Abstract : | | | TDS on interest income from deposits of small and nonscheduled cooperative banks has been made applicable with effect from 1st June, 2015. Earlier, exemption from TDS was given to member (shareholder) depositors of cooperative societies. Most of the people give preferably deposit their money in cooperative banks because of friendlier staff, additional interest rate than nationalized banks and exemption from TDS. However, the Finance Bill-2015 removed all exemptions in regards to TDS and also expanding definition of time deposits, recurring deposits (RDs) have been included in the domain of time deposits. These provisions have created worries by the side of cooperative banks as well as depositors’ side. This is one of the most significant steps to create more competition and keep aside the cooperatives from enjoying special exemption in order to make cooperative banks feeble. On this backdrop, to make aware the depositors and alongside to study the effects of TDS on the business of cooperative banks, the present study has been carried out and tried to focus on the current issue. | | Keywords : | | - tds on interest
- deposits in cooperative banks
- recurring deposits (rds)
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