Banking regulation

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Aditi Iyer (Querist)
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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)

Guest

Guest (Expert)

05 September 2012 coop bank can't avail 80p benefit of standad deduction of rs 50000/-