Interest exempt u/s 80
This query is : Open
09 February 2010
our co-op HSG Society have a saving account in THE MUMBAI DISTRIC CO-OP BANK LTD.
Q.we get nominal interest on the saving balance but on the F.D. we get good accrued interest.
are both the interest exempt.
Q.we get nominal interest on the saving balance but on the F.D. we get good accrued interest.
are both the interest exempt.
CMA Ramesh Krishnan
(Expert)
09 February 2010
Both interest is taxable under the head Other Sources
CA Ravi Sisodia
(Expert)
09 February 2010
Agree, both interst is taxable not exempt.
10 February 2010
but sir
Sec.80P(2)(d) says :The whole of interest and dividend income derived by a co-operative society from its investment in any other co-operative society is deductable under section 80P(2)(d).
Taxman 509/230ITR 774 (Punj. & Har.) CITv. Doaba Co-operative sugar mills ltd.(1998)96 :- interest derived by the assessee co-operative sugar mill from its investment in co-operative bank would qualify for deduction in its entirety under section 80P(2)(d), without adjustment of interest paid by the assessee to the co-operative bank.
plz highlight
thank you all
Sec.80P(2)(d) says :The whole of interest and dividend income derived by a co-operative society from its investment in any other co-operative society is deductable under section 80P(2)(d).
Taxman 509/230ITR 774 (Punj. & Har.) CITv. Doaba Co-operative sugar mills ltd.(1998)96 :- interest derived by the assessee co-operative sugar mill from its investment in co-operative bank would qualify for deduction in its entirety under section 80P(2)(d), without adjustment of interest paid by the assessee to the co-operative bank.
plz highlight
thank you all
10 February 2010
but sir
Sec.80P(2)(d) says :The whole of interest and dividend income derived by a co-operative society from its investment in any other co-operative society is deductable under section 80P(2)(d).
Taxman 509/230ITR 774 (Punj. & Har.) CITv. Doaba Co-operative sugar mills ltd.(1998)96 :- interest derived by the assessee co-operative sugar mill from its investment in co-operative bank would qualify for deduction in its entirety under section 80P(2)(d), without adjustment of interest paid by the assessee to the co-operative bank.
plz highlight
thank you all
Sec.80P(2)(d) says :The whole of interest and dividend income derived by a co-operative society from its investment in any other co-operative society is deductable under section 80P(2)(d).
Taxman 509/230ITR 774 (Punj. & Har.) CITv. Doaba Co-operative sugar mills ltd.(1998)96 :- interest derived by the assessee co-operative sugar mill from its investment in co-operative bank would qualify for deduction in its entirety under section 80P(2)(d), without adjustment of interest paid by the assessee to the co-operative bank.
plz highlight
thank you all
CMA Ramesh Krishnan
(Expert)
13 February 2010
Is your having account in co-op soceity register under society or bank register under Banking regulation act
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