Interest on Fixed Deposit earned by Registered Co-operative Societies from Co-operative Banks

Ravishanker (ITP)     19 October 2019

 81 points

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a)  Kindly advise whether fixed deposit interest earned by registered co-operative societies from co-operative banks are exempted from Income Tax?  Will the fixed deposit interest from other banks are exempted from Income Tax, for registered co-operative societies?  What if interest earned on savings bank account? 

b)  Assesse has paid commission to a foreigner for the works performed out of India, without deducting TDS.  Will the expenses be disallowed? The foreigner belongs to a country which has a DTTA with India.  What are the documents to be produced to the AO, if he disallows the expenses.

Thanks in advance.



Kapadia Pravin   19 October 2019

Kapadia Pravin

 609 likes  9647 points

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Interest received by Co-operative society from Co-operative bank is Exempt under section 80P (both SB and FDR interest)

However interest received by Co-operative society from other banks is Taxable.

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