cooperative bank

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p.hepsiba (Querist)
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20 February 2008 cooperative bank has invested funds as fixed deposits in other coperative banks with a condition that after the maturity the interest will be added to the principle & again be reinvested.
what is the treatment of accrual interest in the financial year 2006-07?
can it claim deduction for the interst received as income derived by a coperative society from its investment in any other coperative society?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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20 February 2008 From assessment year 2007-08 onwards, no exemption u/s 80P to co-operative banks other than a primary agricultural society or primary cooperative agricultural rural bank.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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21 February 2008 The accrued and reinvested interest is income of that bank.

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