cooperative bank
This query is : Resolved
21 February 2008
urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?
S.Srinivasaraghavan
(Expert)
21 February 2008
Question raised yesterday and answered.
21 February 2008
from assessment year 2007-08, deduction under 80 P IS NOT AVAILABLE TO A COPERATIVE BANK.
ONLY PRIMARY AGR.CREDIT SOCIETY,PRIMARY COOP. AGR AND RURAL DEV. BANK WILL CONTINUE TO GET DEDUCTION UNDER 80 P.
R.V.RAO
ONLY PRIMARY AGR.CREDIT SOCIETY,PRIMARY COOP. AGR AND RURAL DEV. BANK WILL CONTINUE TO GET DEDUCTION UNDER 80 P.
R.V.RAO
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