The fastest growing urban cooperative bank of India Cosmos Bank has through a press release informed that following the Finance Bill 2015, TDS will be applicable to share-holders, members and nominal members on interest of all types of deposits kept in the Bank.
The new condition would he applicable in the case of Cosmos Bank from first of June in the current year , added Krishnakumar Goyal – Chairman of the Pune headquartered bank.
As per the Finance Bill 2015, henceforth TDS will be applicable to the interest exceeding Rs. Ten thousand (Rs.10,000/-) on fixed deposits as well recurring deposits.
While calculating TDS, bank will be considered as single entity, i.e. if total interest earned in all the branches of a bank together exceeds Rs. Ten thousand (Rs. 10,000/-), it will be applicable for TDS.
The said TDS is applicable for the financial year 2015-16.
The detailed information of this change in deduction procedure of TDS is available with all the branches of Cosmos Bank, the release read.
Cosmos Bank is a leading multi-state scheduled co-operative bank with 140 branches in 7 states having a set-up of more than Rs.26,500 crore.