govt.securites
This query is : Resolved
07 March 2008
is tax leviable on interest received from G.O.I 23 by urban co-op. bank ltd?
Chintan Gajjar
(Expert)
07 March 2008
Yes. Tax is levied on Int. received from Govt. Securities except when they are taxfree or taxsavers. Thanks.
07 March 2008
YES TAX WILL BE LEVIED ON INTEREST RECD FROM URBAN CO-OP URBAN BANK LTD.
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
R.V.RAO
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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