Income tax on interest for deposits in a cooperative society
This query is : Resolved
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?
22 April 2021
Not true it's taxable.
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- Under construction property in ITR
- Not able to file ITR
- Building tax payment deduction in rental Income
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
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
