TaxTMI 
TaxTMI 
An assessee is receiving dividend from The Citizen Co-operative Society Ltd. Whether this income is taxable or exempt in the hands of the assessee. If exempt please refer relevant provision.
Dividend from co-operative society
10 May 2018 
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Taxability of dividend: recipient often relieved where dividend was taxed by the distributing cooperative before payment.
The issue is whether dividend from a cooperative society is taxable for the recipient. Responses record two positions: one asserting the dividend is taxable in the hands of the assessee, and a prevailing view that the recipient need not pay tax because tax was already discharged by the distributing society prior to distribution; no statutory provision or authoritative ruling is cited in the text. (AI Summary)
The issue is whether dividend from a cooperative society is taxable for the recipient. Responses record two positions: one asserting the dividend is taxable in the hands of the assessee, and a prevailing view that the recipient need not pay tax because tax was already discharged by the distributing society prior to distribution; no statutory provision or authoritative ruling is cited in the text. (AI Summary)