S. 194A : Deduction of tax at source-Interest other than interest on securities-Jammu Development Authority (JDA) being a corporation established by a State Act is outside purview of section 194A-Not and obliged to deduct tax at source on payment of interest by it on FDs/deposits made by JDA. [Jammu Development Authority Act, 1970, S. 3]
PCIT v. J&K Bank Ltd (2023) 294 Taxman 580 /2024) 338 CTR 110(J & K and Ladakh)(HC)