banner_ad

Coop soc funds

This query is : Resolved 
Profile Image

Profile Image

(Querist)
08 January 2016 How to calculate surplus funds of a cooperative credit society as interest earned on such funds would be taxable i believe
Profile Image

CA PARAS BAFNA

Profile Image

CA PARAS BAFNA (Expert)
08 January 2016 In case of a co-operative society, interest earned may be taxable or may not be. When interest is received from any other co-operative society, it is not taxable.
.
Surplus is what the society has saved after meeting all its expenses and provisionings.
.
Profile Image

deepak

Profile Image

deepak (Querist)
09 January 2016 Thanks. please clarify whether coop banks are treated as coop society for investment purpose.
Profile Image

CA PARAS BAFNA

Profile Image

CA PARAS BAFNA (Expert)
09 January 2016 No. Co-Operative Banks are not treated as co-operative society for the purpose of Section 80P.
Section 80P(4) states that provision of Section 80P are not applicable to the co-operative banks.
Profile Image

deepak

Profile Image

deepak (Querist)
09 January 2016 Thanks. But what about section 80(P)(2)(d). if a coop credit soc. parks its surplus funds in a coop bank will the interest earned thereof be deductible.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details