co operative society

Statutory Audit of Co-operative Societies for the year 2010-11 – Circular. Circular Dt 11.04.2011 from Commissioner of Cooperative Societies, Pune regarding Statutory Audit of Co-operative Societies for the year 2010-11 and Change in NPA. Circular on NPA and Other Provisions Applicable to Audit of Co-Operative Credit Societies and Bank in Maharashtra Full Article

The salient features of the impugned case have already been noted by us namely, that the assessee is a Co-operative Society, set up by the Government of Punjab registered under the Punjab Co-operative Societies Act, 1961. The Assessing Officer has duly noted that its primary business is to grant loans to members in Urban and Rurah Co-operative Housing Societies of the State of Punjab for construction of houses and Housing Complexes. The assessee has been ea Full Article

The expression marketing as occurring in section 80P(2)(a)(iii) , is a comprehensive term; it does not mean merely buying and selling; it includes processing which may be necessary for making the agricultural produce marketable; hence, for the co-operative society with members being growers, the deduction under section 80P(2)(a)(iii) is available even if the agricultural produce is marketed without further processing or even if it is processed with the use of power. Full Article

SUMMARY OF CASE LAW A primary agricultural co-operative credit society is not a co-operative bank and therefore, not entitled to any deduction under section 80P(2)(a)(i) as a bank; but as it is a primary co-operative credit society, it may be entitled to some deductions on the income earned by it from its transactions with its [...] Full Article

In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax. Full Article

Additional commissioner and registrar Manohar Bhagaji Tribhuvan (54) of the State Co-operation Department was on Monday evening caught red-handed by ACB officials, Pune unit, while accepting a bribe of Rs 1.5 lakh from a chartered accountant near the Pune railway station. Tribhuvan, in charge of inspection and election in the department, will be produced before [...] Full Article

SUMMARY OF CASE LAW Though the Courts have held that the provisions of exemption applicable to the co-operative societies must be construed liberally; but, that does not mean that the interpretation could overstep the clear and specific meaning provided in the language of the statute; in respect of assessee falling under clause (b) of section [...] Full Article

The rates for deducting income-tax at source from Salaries and computing advance tax during the financial year 2008-09 have been specified in Part III of the First Schedule to the Act. These rates are also applicable for charging income-tax during the financial year 2008-09 on current incomes in cases where accelerated assessments have to be [...] Full Article