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Taxation of Co-Operative Society

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(Querist)
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
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
04 June 2020 https://www.incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/1963/102120000004039681.htm
https://taxguru.in/income-tax/taxation-cooperative-societies-direct-indirect-tax-provisions.html
https://cleartax.in/s/section-80p
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