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Income for interest on fd's in cooperative banks

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(Querist)
01 May 2015 is the income earned by interest on fd's in cooperative banks where depositor is also a member of that bank is taxable? if yes comment with charging section.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
02 May 2015 Interest on FDR to a member is taxable U/s 56.

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