08 January 2016
In case of a co-operative society, interest earned may be taxable or may not be. When interest is received from any other co-operative society, it is not taxable. . Surplus is what the society has saved after meeting all its expenses and provisionings. .
09 January 2016
No. Co-Operative Banks are not treated as co-operative society for the purpose of Section 80P. Section 80P(4) states that provision of Section 80P are not applicable to the co-operative banks.
09 January 2016
Thanks. But what about section 80(P)(2)(d). if a coop credit soc. parks its surplus funds in a coop bank will the interest earned thereof be deductible.
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