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Taxability of interest on fdr by housing society ( urgent)

This query is : Resolved 
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(Querist)
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
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 July 2013 In my view ,Section 80P(2)(d) exempts such interest income.
.
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amit jain

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amit jain (Querist)
13 July 2013 what is the tax slab of housing society...plz clarify
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CA PARAS BAFNA

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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%
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