16 December 2013
Whether interest income earned on nationalized bank in addition to the normal business profit of a co-op credit society is exempt or not. 1)Interest income from Dena Bank on SB Account is exempt or not.Please reply early
16 December 2013
Fixed Deposit Interest from a nationalised Bank is Taxable. . The main business of a co-operative credit soiecty is to provide credit facilities to its members. Opening a saving account facilitates the activity of the society so in my view interest on SB A/c with Dena Bank is exempt. . Please wait for the experts opinion. .