Taxability of interest income from co-operative society
This query is : Resolved
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?
03 December 2020
Such contribution not eligible for tax deduction. Interest received is taxable.
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