Circular No. 5/2021 — Interest on deposits with cooperative banks — TDS
Date: 2021-01-01 Status: ACTIVE Category: Cooperative Banks & Societies Binding on Department: Yes (Section 119 / Section 400 IT Act 2025)
Summary
TDS on interest paid by cooperative banks. Threshold limits and exemptions.
Key Directions
- TDS on interest exceeding Rs.40,000 (Rs.50,000 for seniors) per annum.
- Cooperative societies paying members: threshold Rs.40,000.
- Form 15G/15H declarations accepted.
Applicability Under IT Act 2025
Saving Clause: Section 536 of IT Act 2025 saves circulars issued under the 1961 Act “so far as not inconsistent” with the new Act.
| Old Section (1961 Act) | New Section (2025 Act) | Consistent? |
|---|---|---|
| 194A | 393 | Yes |
Cross-References
Act Sections
Related Circulars
- None identified
Key Case Law (Circular Supremacy)
- To be populated — cases where this circular was cited/applied
Full Text
Full text to be added — see raw/circulars/ for PDF when available
Source
- Official: incometaxindia.gov.in/circulars