Dividend from cooperative banks
Priyanka Ojha (41 Points)
11 January 2019If no then why ?
Priyanka Ojha (41 Points)
11 January 2019
RAJESH KUMAR
(CA-Finalist)
(92 Points)
Replied 11 January 2019
Co-Operative Bank is owned by its members and as such not being a Domestic Company, it is not required to pay Dividend distribution Tax as referred in Section 115-O.
Dividend from domestic company is exempt U/s 10(34).
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 11 January 2019
Ritik Chopra
(student)
(8128 Points)
Replied 10 February 2021
A cooperative society is not covered u/s 115-O i.e. not required to pay tax on distributed profit like domestic companies. So Dividend from cooperative society would be taxable under the head other sources in the hands of the recipient.
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