Deduction under 80p
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2011
A co-operative society engaged in banking activities receives Interest from banks....whether this is allowed as deduction under section 80P
80P specifies interest received from other co-operative societies only....
80P specifies interest received from other co-operative societies only....
CA PARAS BAFNA
(Expert)
05 August 2011
1. By -Co-Operative society engaged in banking activities -do you mean that it is a co-operative bank.
Co-Opertative Banks are not allowed deduction in respect of their banking activities from AY 2007-08.
2. If it is not a bank then also interest will not exempt as the same is not received by a Co-operative Bank or a co-operative society.
Co-Opertative Banks are not allowed deduction in respect of their banking activities from AY 2007-08.
2. If it is not a bank then also interest will not exempt as the same is not received by a Co-operative Bank or a co-operative society.
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