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Doubt with respect to claiming Deduction u/0P of Income T0P

Tax queries 504 views 1 replies

Ganesh K

Articled Assistant

153 Points Joined June 2009

Hi all,

I have a doubt regarding claiming deduction under section 80P of Income Tax Act, 1961. Can a co-operative society making investments in a co-operative bank claim deduction of its interest income received from such investments with a co-operative bank? Please provide me with an ample solution. Hope you will also substantiate your answer to the best possible extent.

Thanks in advance & anticipation,

Ganesh.

Replies (1)

Priteshkumar N.Rathod

Chartered Accountants

46 Points Joined December 2008

Yes, as per provision contained in section 80(P)(2)(d), in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co.op.society, the whole of such income is deductible.