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ITAT Allows Section 80P Deduction On Interest Income Arising From Deposits/Investments Made With Co-Operative Bank

The Visakhapatnam Income Tax Appellate Tribunal (ITAT) has held that there is a deduction under Section 80P of the Income Tax Act on interest income arising from deposits or investments made with. ....

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Erroneous tax notices sends thousands of individuals into a tizzy

Many taxpayers complained they got notices for claiming deductions that are available only to cooperative societies. Still, they need to respond within 15 days lest refunds are adjusted or additional taxes become payable. ....

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