Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Co-operative society carrying on banking business not required to deduct tax u/s. 194A on interest paid to members

SLP dismissed against High Court ruling that where assessee, a co-operative society, carrying on banking business, paid interest income to members on time deposits, it was not required to deduct tax at source under section 194A by virtue of exemption granted vide clause (v) of sub-section (3) of section 194A

SLP dismissed against High Court ruling that assessee, a co-operative society, carrying on banking business, was not required to pay tax on interest income on bad debts/doubtful debts or Non-Performing Assets (NPAs) without such interest being actually received or credited in profit & loss account of assessee

Refer:[2019] 101 taxmann.com 159 (SC)

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