cooperative bank
This query is : Resolved
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?
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.
21 February 2008
The accrued and reinvested interest is income of that bank.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS DEMAND.
- Claiming TDS credit of unclaimed TDS of past years
- Late fee paid for IT filing
- Appeal Income tax
- TDS can We Adjust 194C Amount to 194J
- ITC received by bank in portal
- Importer's TIN number in commercial invoice
- ERROR ARISE IN 24Q
- Aadhar pan link date
- Condonation rejected by Chief Commissioner of Income Tax
- Waive off of penalty for Delay in AGM
- LATE FEE FOR GSTR-9 FILING - FY 2022-23
- SRN PENDING FRO APPROVAL
- Clear the provision of DTVSV
- GST login details
- Ineligible ITC of prev years reclaimed in this year i.e. FY 2024-25 but failed to reverse same
- AOP DEED FOR TEMPLE KUMBABISHEKAM
- Letter of Credit & Bank Gurantee impact on working capital and Cycle
- E-WAY BILL & invoicee
- OMR sheet / MCQ booklet no / error
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
