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Income tax on Co operative Society

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ganesh

accountant

26 Points Posted on 19 June 2021

Whether FD Interest earned from Co-operative Bank is taxable in the hands of Housing Co-operative Society?

If yes, then under which Section?

Replies (2)

Quick Summary

This discussion clarifies the taxability of Fixed Deposit (FD) interest earned by a Housing Co-operative Society. The consensus is that such interest is indeed taxable. Specifically, it falls under Section 56 of the Income Tax Act, though Section 80P(2)(d) is also mentioned in relation to exemptions for co-operative societies.