https://www.taxtmi.com/highlights?id=61044 Deduction u/s 80P - In case of co-operative credit society, income to which benefit of section 80P(2)(a)(i) is not allowed, e.g., rental income, interest income from surplus funds kept in FDs' of banks, etc., basic exemption of ₹ 50,000 as provided for in section 80P(2)(c)(ii) must be granted. - Though the word 'activity' is not defined, yet the investment activity, activity of renting of immovable property, etc., and the consequent income attributable to such activities would be covered under section 80P(2)(c). - AT en-us Tue, 21 Dec 2021 15:01:59 +0530 Tue, 21 Dec 2021 15:01:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61044 Deduction u/s 80P - In case of co-operative credit society, income to which benefit of section 80P(2)(a)(i) is not allowed, e.g., rental income, interest income from surplus funds kept in FDs' of banks, etc., basic exemption of ₹ 50,000 as provided for in section 80P(2)(c)(ii) must be granted. - Though the word 'activity' is not defined, yet the investment activity, activity of renting of immovable property, etc., and the consequent income attributable to such activities would be covered under section 80P(2)(c). - AT Highlights Income Tax Tue, 21 Dec 2021 15:01:59 +0530 https://www.taxtmi.com/highlights?id=61044