Taxability of interest on fdr by housing society ( urgent)
This query is : Resolved
12 July 2013
Dear All,
A Housing Society has fixed deposits of Rs. 35 Lac with nationalized bank & earned interest of 3.5 Lac during 2012-13. The bank has deducted tds @ 10%.
Now can we claim refund of this amount.
As per my understanding society is taxable @ 30% above Rs. 20,000 so we have to pay self assessment tax.
If we maintain the Fixed Deposit with Cooperative Banks then whether interest will be deductible u/s 80P.
Please Help
Amit
A Housing Society has fixed deposits of Rs. 35 Lac with nationalized bank & earned interest of 3.5 Lac during 2012-13. The bank has deducted tds @ 10%.
Now can we claim refund of this amount.
As per my understanding society is taxable @ 30% above Rs. 20,000 so we have to pay self assessment tax.
If we maintain the Fixed Deposit with Cooperative Banks then whether interest will be deductible u/s 80P.
Please Help
Amit
CA PARAS BAFNA
(Expert)
12 July 2013
In my view ,Section 80P(2)(d) exempts such interest income.
.
.
CA PARAS BAFNA
(Expert)
13 July 2013
Tax Rates in the case of every co-operative society -
Upto 10000/...... 10%
10001 to 20000/ ...20%
above Rs. 20000/- ....30%
Upto 10000/...... 10%
10001 to 20000/ ...20%
above Rs. 20000/- ....30%
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