What is the status of Coop. Group Housing society regarding income from interest on FDR with Bank.
Menu
Interest income of Coop. Society
Replies (3)
co op housing societies are exempt from tax because mutual understanding & they are invested surplus fund in to banks & get interest
The whole of interest and dividend income derived by a Co Op Society from its investment in any other Co Operative Society is deductible u/s.80P (2) (d). Thus, if interest is received on investment made in Co Operative bank, it is fully deductible u/s.80P (2) (d). Otherwise, other interest income is deductible u/s.80P (2) (c) (ii) upto Rs.50000/-.
| Originally posted by :VIkas | ||
| " | What is the status of Coop. Group Housing society regarding income from interest on FDR with Bank. | " |
It is taxable because the main aim of society is not lend the loan and accept deposit.
Recent Topics :
- Sale of shares in indian company by a non resident
- Difference in TIS
- GSTR-9C Upload Status Error Occured
- “Income Tax Implications of Company-Related
- Advice needed: Hypothetical case of non-filing of
- Demand Raised for Cess Amount Despite Section 89 R
- WRONG BILL NO FILED IN GST R1
- Addtional trade name for my another firm
- Commission / Agency Business without books: REAL E
- Difference between AIS and 26AS data.
Related Topics :
CAclubindia
