In which section For co-operative society Income is exempted in Income Tax act:
1. In which section Interest is earned by Co-operative socity deposited made in another Co-operative society
2. What are the other Exemption for co-operative society
Lakshmisha. B. S (assisstant) (92 Points)
20 September 2011In which section For co-operative society Income is exempted in Income Tax act:
1. In which section Interest is earned by Co-operative socity deposited made in another Co-operative society
2. What are the other Exemption for co-operative society
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 21 September 2011
Hi , co-operative societies are being given income based exemption under the provision of section 80P and also being deduction for salary and interest paid to its member under the provision of section 40 and deduction is more or less similar to the deduction being given to partners in case of partnership firm .
I don't think so of any other special exemption for co-operative society .
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