deduction u/s 80P
This query is : Resolved
prakash r sahane
(Querist)
04 February 2010
what deductions are available for a co-operative Bank u/S 80P
reply on pr_sahane@yahoo.com
reply on pr_sahane@yahoo.com
CMA Ramesh Krishnan
(Expert)
04 February 2010
Sec.80P - is it new section?
shakuntala chhangani
(Expert)
05 February 2010
In case of a co-operative society providing credit facility to its members, the whole of the profits and gains from such business are deductible. However, from assessment year 2007-08, deduction u/s 80P will not be available to any co-operative bank.A primary agricultural credit society and rural development bank will continue to claim benefit of deduction u/s 80P. Regards, CA Shakuntala Chhangani
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