income tax on intrest from socities

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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

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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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