CA R. B. POPAT

Tax on Donation/Transfer fee reced from outgoing / Incoming Buyer

Income Tax - 1. As per the order/ notification dated 09.08.2001, issued by the Government of Maharashtra, Department of Co-operative, specifying new premium rates to be paid while transferring flats/units in Co-operative Housing Societies. The new rates have been fixed in the general body meeting and the rates should not exceed the rates specified by ...

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Tax on Bank Interest of Co-Op Society, Club or Mutual Association

Income Tax - 1. Interest earned from investment in Co-operative & other banks: It is known fact that socities are earning interest income from investments such as F.D., etc. with co-operative & other banks. In the computation of total income, the assessee wrongly claim the said interest income as deduction u/s. 80P(2)(d) of the Income tax Act, 1961....

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Court can direct revaluation even if rules not permits revaluation demand by candidates

Income Tax - Merely because law does not permit demand of revaluation by candidates, it does not provide invincibility to the Council. Courts are not helpless in such matters and on being satisfied that injustice is being done, a time may come when Courts would be compelled to lift the veil of protection and direct the authorities in charge of exami...

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Taxability of Sugar Manufactured by Sugar Co Operatives – Section 80P(2)(a)(iii)

Income Tax - The Hon.Supreme Court in the case of Assam Co-operative Apex Marketing Society Ltd. v. CIT [1993] 201 ITR 338 wherein the Society engaged in marketing of agricultural produce of its members also had other co-operative societies as its members. Since the agricultural produce marketed by the Society was not produced by the primary marketin...

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Income Tax on Co Operative Credit Society & Pat Pedhis

Income Tax - In In terms of sub-section (2) of Section 22 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), the primary (urban) cooperative banks existing in the country as on March 1, 1966, (when some banking laws were applied to UCBs), were required to apply to the Reserve Bank of India. They were given three months to ob...

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Recent Posts in "CA R. B. POPAT"

Tax on Donation/Transfer fee reced from outgoing / Incoming Buyer

1. As per the order/ notification dated 09.08.2001, issued by the Government of Maharashtra, Department of Co-operative, specifying new premium rates to be paid while transferring flats/units in Co-operative Housing Societies. The new rates have been fixed in the general body meeting and the rates should not exceed the rates specified by ...

Read More
Posted Under: Income Tax |

Tax on Bank Interest of Co-Op Society, Club or Mutual Association

1. Interest earned from investment in Co-operative & other banks: It is known fact that socities are earning interest income from investments such as F.D., etc. with co-operative & other banks. In the computation of total income, the assessee wrongly claim the said interest income as deduction u/s. 80P(2)(d) of the Income tax Act, 1961....

Read More
Posted Under: Income Tax | ,

Court can direct revaluation even if rules not permits revaluation demand by candidates

Merely because law does not permit demand of revaluation by candidates, it does not provide invincibility to the Council. Courts are not helpless in such matters and on being satisfied that injustice is being done, a time may come when Courts would be compelled to lift the veil of protection and direct the authorities in charge of exami...

Read More
Posted Under: Income Tax |

Taxability of Sugar Manufactured by Sugar Co Operatives – Section 80P(2)(a)(iii)

The Hon.Supreme Court in the case of Assam Co-operative Apex Marketing Society Ltd. v. CIT [1993] 201 ITR 338 wherein the Society engaged in marketing of agricultural produce of its members also had other co-operative societies as its members. Since the agricultural produce marketed by the Society was not produced by the primary marketin...

Read More
Posted Under: Income Tax |

Income Tax on Co Operative Credit Society & Pat Pedhis

In In terms of sub-section (2) of Section 22 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), the primary (urban) cooperative banks existing in the country as on March 1, 1966, (when some banking laws were applied to UCBs), were required to apply to the Reserve Bank of India. They were given three months to ob...

Read More
Posted Under: Income Tax |

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