Deduction u/s 80P - In case of co-operative credit society, ...

Cooperative credit societies can't claim section 80P(2)(a)(i) for rental and bank interest income; Rs. 50,000 exemption applies under 80P(2)(c)(ii).

December 21, 2021

Case Laws Income Tax AT

Deduction u/s 80P - In case of co-operative credit society, income to which benefit of section 80P(2)(a)(i) is not allowed, e.g., rental income, interest income from surplus funds kept in FDs' of banks, etc., basic exemption of ₹ 50,000 as provided for in section 80P(2)(c)(ii) must be granted. - Though the word 'activity' is not defined, yet the investment activity, activity of renting of immovable property, etc., and the consequent income attributable to such activities would be covered under section 80P(2)(c). - AT

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Deduction u/s 80P - In case of co-operative credit society, ...

Cooperative credit societies can't claim section 80P(2)(a)(i) for rental and bank interest income; Rs. 50,000 exemption applies under 80P(2)(c)(ii).

December 21, 2021

Case Laws Income Tax AT

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