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
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.
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