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.
