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Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Assessee which is a co-operative society carrying on banking ...

Income Tax

March 27, 2015

Assessee which is a co-operative society carrying on banking business when it pays interest income to a member both on time deposits and on deposits other than time deposits with such co-operative society need not deduct tax at source (TDS) u/s 194A - AT

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  1. Co-operative society carrying on banking business need not to deduct tax at source u/s 194A in respect of the interest paid to members on deposits - AT

  2. TDS u/s 194A - a cooperative bank was not required to deduct tax from the payment of interest on time deposits of its members paid or credited before 1st June 2015 - HC

  3. 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...

  4. Deduction u/s 80P(2) on interest income - To invest the deposits accepted from the members or the surplus funds available with it, is part of the banking/credit business...

  5. Levy of GST - maintenance charges collected by Emerald Court Co-op Housing Society Ltd (CHS) from members of its society - In view of the amended Section 7 of the CGST...

  6. Assessee-cooperative society carrying on business of banking statutorily required to place a part of its funds in approved securities, the income attributable thereto is...

  7. Co.-Op. Housing Society had availed of the services of Contractor for constructing the residential units for use of the members - Initially, the Society had paid service...

  8. Taxability of amount received - Co-operative Housing Society - receipt of a gratuitous payment from an outgoing member for the time he has resided in the society - no...

  9. Set off of interest paid to members of the society from Interest earned on bank deposits - Section 40 (ba) is applicable while computing business income. This clause is...

  10. Disallowance of deduction claimed u/s. 80P - the funds available are for the business purpose of providing credit facilities - It is only because in a given point of...

 

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