22 April 2021
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?