Query of Nabajyoti Saikia

We are running a co-op society in the line of thrift & credit for the last 5 years. I would like to ask you whether the president and secretary of a thrift & credit co-op society can take monthly salary.  Is there any obligation from income tax department?

I C Naik

You have two questions:

Whether the president and secretary of a thrift & credit co-op. Society can take monthly salary; is there any obligation from income tax department.

Remuneration to office bearers depends upon the provision in the bye-laws of the society. So please consult the registered bye-laws.  As for Income tax salaries to these persons will attract Tax Deduction at Source.

Share This:

Facebook

Twitter