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Co-operative society with a rural development bank

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 March 2013 My client is a co-operative society with banking sector as a rural development bank. Whose most of the client is the shareholder of the society. In this situation his income from interest received in various operations would be taxable or not? And will income tax return filing be mandatory?
If so, in which i.t.r. from is applicable?
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Radhakrishnan K.V.

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Radhakrishnan K.V. (Expert)
07 May 2013 Interest not taxable. Sec.194A(3)(iii).
Return mandatory if there is income of a single paise.
ITR-5
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
16 August 2023




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