Income tax on interest for deposits in a cooperative society
This query is : Resolved
K Rajasekharan
(Querist)
22 April 2021
Is there any exemption from payment of income tax for the interest a citizen (who has been paying income tax for the amount of salary and interest from commercial bank account he receives) received from the primary Cooperative Society in the rural area in Kerala, in addition?
Can anyone tell me the relevant section of the income tax act or any case laws or even any good article, on this topic?
One news paper article on this issue says that because of some presidential declarations the interest income received by a citizen on his deposits in the primary cooperative society is not liable to be taxed. Is it true?
Can anyone tell me the relevant section of the income tax act or any case laws or even any good article, on this topic?
One news paper article on this issue says that because of some presidential declarations the interest income received by a citizen on his deposits in the primary cooperative society is not liable to be taxed. Is it true?
CA R SEETHARAMAN
(Expert)
22 April 2021
Not true it's taxable.
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