F.Y 2010-2011
A Co-operative Housing soceity has Fixed Deposit of22,00,000/-.
Interest received on the same is2,50,000/-. T.D.S50,000/-
Is it Taxable?
What will be the Tax Liability?
Statutory Audit under Co-op Law is done, is Tax Audit required?
3 Replies
RAJ
(CA)
(120 Points)
Replied 20 July 2011
Hello can anyone solve this?
F.Y 2010-2011
A Co-operative Housing soceity has Fixed Deposit of Rs. 22,00,000/-.
Interest received on the same is Rs. 2,50,000/-. T.D.S Rs. 50,000/-
Is it Taxable?
What will be the Tax Liability?
Statutory Audit under Co-op Law is done, is Tax Audit required?
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 20 July 2011
c) Interest Income Earned on Investments:
Interest income earned can be further classified into interest earned from investments made in Co-operative Banks & interest from other Investments. Interest earned from any investment made in Co-operative Banks qualifies for deduction @ 100% under section 80P(d). However other interest income on investments is fully taxable.
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