Income tax on interest for deposits in a cooperative society

Querist : Anonymous (Querist) 22 April 2021 This query is : Resolved
Is there any exemption from payment of income tax for the interest a citizen (who has been paying income tax for the amount of salary and interest from commercial bank account he receives) receives for fixed deposits in the primary Cooperative Society in the rural area in Kerala, in addition?

Can anyone tell me the relevant section of the income tax act or any case laws in this regard?

One news paper article on this issue says because of some presidential declarations the interest income received by a citizen on his deposits in the primary cooperative society is not liable to be taxed. Is it true?

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This discussion explores whether interest earned on fixed deposits within a primary cooperative society in rural Kerala is exempt from income tax. The original poster, already paying income tax on salary and commercial bank interest, seeks clarification on potential exemptions, specifically mentioning a newspaper article about presidential declarations. Advice is given to consult a local CA or tax practitioner for definitive guidance and relevant legal sections.

kavksatyanarayana (Expert) 22 April 2021
Please put this query in CAclubindia. or Consult a local CA.

Dr J C Vashista (Expert) 23 April 2021
Consult a local CA / Tax practitioner.

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