income tax on intrest from socities
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2011
Income received from co-operative society(regd. under societiese act.) against fixed deposits is taxable are not? societies are not dedcucting TDs on interest paid against FD's to their members? there is any special consideration on the receipt of income from co-operative societies
13 July 2011
If the Society received deposits from members and paying interest. It is taxable and all TRS rules are applicable. Any interest received by the Co-operative Society from any Co-operative bank is exempted and not table.
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