If I receive dividend from saraswat cooperative bank then is it exempt under section 10(34)?
If no then why ?
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Dividend from cooperative banks
Replies (3)
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).
dividend received from companies under cos act on which dividend distribution tax under 115 O is paid is exempt from tax
cooperative Banks are not required to pay DDT so dividend received from such Banks is taxable as income from other sources
cooperative Banks are not required to pay DDT so dividend received from such Banks is taxable as income from other sources
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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