Banking regulation
This query is : Resolved
03 September 2012
Does a co-operative credit society become a co-operative bank when,
1. its sole business is to lend credit to its members
2. its paid up cap and reserves exceeds 1 lakh.
If it becomes a Co-op bank,will sec 80P benefits be available.
If it remains co-op credit society, will the interest income earned by the society on excess funds not in immediate use, deposited with a co-op bank be eligible for deduction under sec 80P(2)
1. its sole business is to lend credit to its members
2. its paid up cap and reserves exceeds 1 lakh.
If it becomes a Co-op bank,will sec 80P benefits be available.
If it remains co-op credit society, will the interest income earned by the society on excess funds not in immediate use, deposited with a co-op bank be eligible for deduction under sec 80P(2)
Guest
Guest
(Expert)
05 September 2012
coop bank can't avail 80p benefit of standad deduction of rs 50000/-
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