govt.securites

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p.hepsiba

p.hepsiba (Querist)
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07 March 2008 is tax leviable on interest received from G.O.I 23 by urban co-op. bank ltd?

Chintan Gajjar

Chintan Gajjar (Expert)
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07 March 2008 Yes. Tax is levied on Int. received from Govt. Securities except when they are taxfree or taxsavers. Thanks.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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07 March 2008 YES TAX WILL BE LEVIED ON INTEREST RECD FROM URBAN CO-OP URBAN BANK LTD.

R.V.RAO

R.V.RAO (Expert)
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07 March 2008 EXCEPT WHEN SPECIFICALLY STATED ON FACE OF A BOND OR SECURITIES ISSUED BY GOI,OR IISUED AS TAX SAVINGS INSTRUMENTS,TAX IS LEVIED ON ANY INTEREST RECEIVED EVEN ON GOI BONDS WHEN RECEIVED BY ANY ENTITY INCL. COOP. URBAN BANK.
R.V.RAO

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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07 March 2008 We need to look on the face of the instrument for the exemption given to it. It will be clearly mentioned in the instrument that any income by way of int. or otherwise received by the holder is exempted form IT

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