Please send reply to our few doubts as said below.
1.If we make a fixed deposit in multistate credit cooperative society, How much interest will gain maximum to 6years.
2.Is there any exemption avail from TDS?.Maximum limit?
3.Which type of security is in cooperatives.?
Please send your answers as early as possible.
I C Naik
Interest rate is a bank’s specific policy. Interest paid by cooperatives are free of income tax. Cooperative Deposits are not secured.
Mr.Chandra Rao has not mentioned that he is a shareholder of the Co-operative society. Which section of Income Tax Act exempts this income from income tax and also TDS?