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cooperative society
whether any interest payments made to non members may attract cancellation of 80p deduction in employees cooperative society
Replies (4)
No. In my opinion 80P should not be allowed for such interest but for the other interest related to members would be allowed.
okay sir thanks
Thanks and your most welcome.
If the cooperative society entertains non members then mutuality concept is defeated. Chances are that the entire interest paid portion will be disallowed and taxed as other sources. Welcome to suggestions.
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