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Income Tax - Highlights / Catch Notes

Home Highlights May 2019 Year 2019 This

Taxability of interest on FDRs - mutually aided co-operative ...

Income Tax

May 17, 2019

Taxability of interest on FDRs - mutually aided co-operative society to build houses for its members - funds collected from the members are in the nature of capital - capital required for the project are kept in the bank and interest earned can be applied for the purpose of meeting administration cost of the project or can reduce the capital cost of the project - not taxable

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  1. Interest income earned by a credit cooperative society on the FDRs with nationalized bank would qualify for grant of exemption under section 80P(2) - AT

  2. Interest paid to ICICI and IDBI band on funds utilized to make the impugned FDRs is an allowable deduction under section 57(iii) against the interest income on such FDRs - HC

  3. 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...

  4. 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...

  5. Deduction u/s. 80P(2)(d) - interest income earned from other cooperative banks/societies - Principle of mutuality - Taxability of Club House income - The Tribunal...

  6. Valuing perquisites of the accommodation, provided to employees of the assessee society - Taxability - Employees of the society cannot be equated with the employees of...

  7. Taxability in hands of society - fund transferred to ‘Distribution Pool Fund Account’ it is not taxable in the hands of the Society. - SC

  8. Taxability of Cleaning service provided to charitable school - Whether the building of ISB can be considered as a commercial building - prima facie the activity is not taxable - AT

  9. Interest on FDRs made out of zero coupon convertible bonds - chargeable under section 56 - AT

  10. 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...

 

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