20 February 2008
cooperative bank has invested funds as fixed deposits in other coperative banks with a condition that after the maturity the interest will be added to the principle & again be reinvested. what is the treatment of accrual interest in the financial year 2006-07? can it claim deduction for the interst received as income derived by a coperative society from its investment in any other coperative society?
20 February 2008
From assessment year 2007-08 onwards, no exemption u/s 80P to co-operative banks other than a primary agricultural society or primary cooperative agricultural rural bank.
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