Rahul Rai
We want to form a co-operative, and while surfing found your Mil ID on the internet. Before presenting the opportunity to my board, I want to clarify two very precise points:
1. Is interest payable to Ordinary Members of the Society subject to With Holding Taxes?
2. If we form an Education & Training Fund inside the society, and then Members Educating on Free Lance Basis as per the requirements of the society are compensated, is such compensation subject to With Holding Tax?
I C Naik
In both cases taxes as applicable have to be withheld. It is the receivers of income that bears the burden and not the Society.
