u/s 80pp
This query is : Resolved
Nilesh Rana
(Querist)
12 February 2011
dear sir
our company made employee co-op credit Society we have collect share amt from member & give loan to only member & recover principal amt + interest.
so we have know that interest amt of our society income so interest amt exmption u/s 80PP as perI.Tax rules of employee co-of socoiety
our company made employee co-op credit Society we have collect share amt from member & give loan to only member & recover principal amt + interest.
so we have know that interest amt of our society income so interest amt exmption u/s 80PP as perI.Tax rules of employee co-of socoiety
CA PARAS BAFNA
(Expert)
12 February 2011
Your society is a mutual concern.
On the concept of mutuality income earned from members is collective income of those members only and as such there is no outside income.
A famous maxim in Income Tax is -
One can not earn with himself.
The income is itself an exempt income.
U/s 80P deductions is available out of income. In your case, there is no income, so there is no question of availability or claiming for deductions.
On the concept of mutuality income earned from members is collective income of those members only and as such there is no outside income.
A famous maxim in Income Tax is -
One can not earn with himself.
The income is itself an exempt income.
U/s 80P deductions is available out of income. In your case, there is no income, so there is no question of availability or claiming for deductions.
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