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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
