24 February 2008
when there is no deduction allowed u/s 80 p in 2006-07 financial year for urban coperative bank ltd.then how its income gets exempted which u have last replied as follows "which of you earnd that is important if urben co-op bank earns interest then it exempted from tax " sir what means bank earns interest. on which investment or loans sanctioned does it gets exemption. pls let me know it will be immense help for me for tax planning. what is the meaning earns here
24 February 2008
From assessment year 2007-08 (Financial year 2006-07) onwards, deduction u/s 80P is not available to any co-perative bank other than primary agricultural credit society or a primary co-op agricultural and rural development bank.
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