Hi all,
I have a doubt regarding claiming deduction under section 80P of Income Tax Act, 1961. Can a co-operative society making investments in a co-operative bank claim deduction of its interest income received from such investments with a co-operative bank? Please provide me with an ample solution. Hope you will also substantiate your answer to the best possible extent.
Thanks in advance & anticipation,
Ganesh.
Yes, as per provision contained in section 80(P)(2)(d), in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co.op.society, the whole of such income is deductible.
BHUPINDER SHAH AND COMPANY
New Delhi
CA Inter
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Shaswat initial support private limited
Ahmedabad
CS
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