Coop soc funds
This query is : Resolved
08 January 2016
How to calculate surplus funds of a cooperative credit society as interest earned on such funds would be taxable i believe
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.
.
.
Surplus is what the society has saved after meeting all its expenses and provisionings.
.
09 January 2016
Thanks. please clarify whether coop banks are treated as coop society for investment purpose.
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.
Section 80P(4) states that provision of Section 80P are not applicable to the co-operative banks.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Employee secondment
- GSTR9 Annual Return
- Reward for festival
- ARCA LOGIN
- Capital gain on commercial property and investment in residential property
- Form 144 TDS Return Validation error
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- Resigning a auditor from the company for misconduct
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
