Deduction u/s 80P(2)(a) - interest income - When the assessee is ...

Society's Bank Interest Income Taxed as Business Income u/s 80P(2)(a) of Income Tax Act.

September 19, 2023

Case Laws Income Tax AT

Deduction u/s 80P(2)(a) - interest income - When the assessee is wholly and exclusively doing its business for its members, the earning of interest on FDs with the banks is incidental to the assessee society’s business of accepting the deposit and provision of credit facilities from/to its members. Hence, the interest income has rightly been treated as business income by the assessee society and assessed to tax under the head “profit and gains of business”. - AT

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Deduction u/s 80P(2)(a) - interest income - When the assessee is ...

Society's Bank Interest Income Taxed as Business Income u/s 80P(2)(a) of Income Tax Act.

September 19, 2023

Case Laws Income Tax AT

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