Whether deduction u/s. 80P(2)(d) can be allowed on the amount of interest/dividend earned on investment/deposit with other Cooperative Societies ?
what is eligible amount for deduction u/s 80P for Cooperative Societies
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deduction u/s. 80P(2)(d
Replies (2)
1. As per sec 80P(2)(d) it read as "in respect of any income by way of interest or dividend derived by the co-operative society from its investment with any other co-operative society, the whole of such income"
2. Hence, from the above reading, we can say that any income earned by one Co-operative society by investing in another Co-operative society will be available as deductions under chapter VI-A deductions.
3. In your case, the entire interest or dividend earned from the other Co-operative society will be available as a deduction.
Please correct me if the above solution has an alternative view.
interest Dividend income from other co-operative society is allowed as deduction under 80P without any limit.
Note that for getting 80P deduction return of income must be filed by due date 30th Sept 2019. If return not filed by due date, 80P deduction not available
Note that for getting 80P deduction return of income must be filed by due date 30th Sept 2019. If return not filed by due date, 80P deduction not available
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