Tax on co-op bank dividend

This query is : Resolved

AVINASH KAMBLE (Querist)
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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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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Dividend from domestic company is exempt U/s
10(34).