06 January 2020
Co-Operative society engaged in business of providing credit (loan) to its members,whether interest earned on fixed deposit with bank of baroda taxable?because source of fixed deposit with bank is share contribution from members and complusory deposite(Recurring Deposit) from members.
And whether profit comes from this business of providing credit facility to members is exempt u/s 80P?Kindly say which ITR to be filled and what is tax slab for this co-opearative society?Kindly inform as soon as possible
CAclubindia
