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Taxability of interest income from co-operative society

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03 December 2020 My client, a Govt employee retired from services last year. Upon retirement, she received a lump sum payment from the amt she has been contributing to ‘Employees co-operative Thrift & Credit Society’ since the beginning of her service. Is the compulsory contribution to the fund an eligible item for tax deduction? Also is the interest received taxable?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 December 2020 Such contribution not eligible for tax deduction. Interest received is taxable.
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