Tax on co-op bank dividend
This query is : Resolved
AVINASH KAMBLE
(Querist)
05 November 2011
1. I am member of schedule Bank
2. I am purchased some share from bank
3. Bank has paid dividend for the same
My Query is below
1. Dividend is taxable or not
2. If exempted pls provide me sec
3. In section they mention co-op bank dividend exempt
2. I am purchased some share from bank
3. Bank has paid dividend for the same
My Query is below
1. Dividend is taxable or not
2. If exempted pls provide me sec
3. In section they mention co-op bank dividend exempt
CA PARAS BAFNA
(Expert)
06 November 2011
Co-Operative Bank is owned by its members and as such not being a Domestic Company, it is not required to pay Dividend distribution Tax as referred in Section 115-O.
.
Dividend from domestic company is exempt U/s
10(34).
.
Dividend from domestic company is exempt U/s
10(34).
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