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u/s 80pp

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(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
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CA PARAS BAFNA

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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.
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