The Tribunal held that interest earned from deposits with co-operative banks is eligible for deduction under Section 80P(2)(d). It clarified that co-operative banks are treated as co-operative ...
The issue involved taxability of interest earned from statutory deposits. The tribunal held that such income is attributable to business activities and qualifies for deduction. This highlights the ...
Income tax department issues clarification on mistaken notices for Section 80P deductions. Read here
AI Quick Read After several income taxpayers received notices for wrongly claiming income tax deductions under Section 80 P, the Income Tax Department (ITD) clarified that they were sent to them by ...
Section 80 P, if a cooperative society earns income from a banking or credit facility, agricultural activity and products or a cottage industry, they are offered deductions of Rs 15,000-20,000 while ...
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