banner_ad

cooperative bank

This query is : Resolved 
Profile Image

Profile Image

(Querist)
22 February 2008 pls give the reply .
I have tried 3 to 5 times with a query
my query is.
urban coperative bank has invested funds in other coperative banks as fixed deposits with a condition that after maturity interest earned will be added to the principal & again be reinvested.
what will be the treatment of interest accrued for the financial year 2007 ?
can the interest accrued be deducted from profit of the urban coperative bank u/s 80p as income derived by a cooperative society from investment in other coperative society?
Profile Image

R.V.RAO

Profile Image

R.V.RAO (Expert)
22 February 2008 interest accrued for financial year 2007 will be offered for tax as interst income taxable.
as far as 80 P deduction is concerned
from assessment year 2007-08, deduction under 80 P IS NOT AVAILABLE TO ANY 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
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
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details