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

Income Tax

December 21, 2021

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, ...

Income Tax

December 21, 2021

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