Deduction under 80p

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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....

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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