Deduction u/s 80p(2)(a)i

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godachappa.i angadi (Querist)
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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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 December 2013 Fixed Deposit Interest from a nationalised Bank is Taxable.
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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.
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Please wait for the experts opinion.
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