August 3, 2012 11:03 pm
1. In view of 194A clause (v) of the IT Act, whether term deposit interest of cooperative banks are exempt from tax or only from TDS.
I misunderstood the question , i thought you are asking if 5 yr FD;s are tax exempted or not .. 🙂
i got the answer. i knew the mistake when i clicked on the link given by u
Dear Jagadeesha, the so called member FDs are not liable to TDS but interest is taxable.
Seems like its available in co-operative banks also , here is a link from Saraswat co-operative bank mentioning about it http://www.saraswatbank.com/view_section.jsp?lang=0&id=0,4,6,106
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