Assessee is co operative society. In the year 2010-11 society has purchased KVP (kisan vikas patra) from Co-operative Bank out of its surplus balance, now at the time of maturity interest earned on KVP is mentioned in the Income from other sources head and claimed deduction u/s 80P. But CPC didn't allow the deduction u/s 80P to the income offered in IFOS.
Is the interest income from kvp obtained from Co-operative Bank is taxable or allow as deduction u/s 80P?
Please help to resolve the query with any supporting judgement if any.
Thank you
Menu
Co-operative Society Deduction U/s 80P
Replies (3)
Quick Summary
Also I will be to the day I love u we are going to be in the same room as well as the rest of the week I will be a little late but I love you mom and I are in the rest of the week and then we are good with you
Cvhuvvv
As per the sec 80p of IT act 1961, deduction towards interest income , deduction is available in respect of income by way of interest is earned ..then the whole interest is allowed as deduction
Recent Topics :
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
Related Topics :
CAclubindia
