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Income Tax - Every Co operative Housing Society require to file Income Tax Return on or before due date to get deduction u/s 80P of Income Tax Act 1961 from A.Y. 2018-19...
Read MoreIncome Tax - 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....
Read MoreIncome Tax - 80P. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee....
Read MoreIncome Tax - Section 80P deduction to Farm Producer Companies (FPC), having a total turnover upto Rs 100 Crore, whose gross total income includes any income from- (i) the marketing of agricultural produce grown by its members, or...
Read MoreIncome Tax - The MSCS Act, 2002, along with MSCS Rules, 2002 govern the compliance requirement of MSCS.MSCS is a society registered or deemed to be registered under this Act and includes a national cooperative society and a Federal cooperative. It may make its bye-laws consistent with the provisions of this act and the rules made there under...
Read MoreIncome Tax - The anomalous position may be rectified by making suitable amendment in section 2(19) defining a Co-operative Society, by including therein a society registered under the Central Act currently applicable....
Read MoreITO Vs M/s. Siddasiri Pattin Souharda Sahakari Niyamit (ITAT Bangaluru) - Where assessee-society was engaged in activity of finance business and was also engaged in activity of granting loans to general public as well, it could not be termed as co-operative society meant only for its members and providing credit facilities to its members, hence assessee was not entitled t...
Read MoreITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) - ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) With regard to non granting of deduction u/s. 80P(2) of the Act, treating the unexplained credits as ‘income from other sources’, this issue was considered by the Jurisdictional High Court in the case of Kerala Sponge Iron Ltd., 79...
Read MoreThe Mavilayi Service Co-operative Bank Ltd Vs CIT (Kerala High Court) - The Mavilayi Service Co-operative Bank Ltd Vs CIT (Kerala High Court) In view of the law laid down by the Apex Court in Citizen Co-operative Society v. Assistant Commissioner of Income Tax: AIR 2017 SC 5147, it cannot be contended that, while considering the claim made by an assessee society for ded...
Read MoreITO Vs Mundela Service Cooperative Bank Ltd. (ITAT Cochin) - ITO Vs Mundela Service Cooperative Bank Ltd. (ITAT Cochin) Admittedly, the assessee is primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The Hon’ble High Court of Kerala in the case of Chirakkal Service Co-op Bank Ltd. (supra) had held that a prim...
Read MoreITO Vs. M/s. Chirayinkeezhu Service Co-operative Bank Limited (ITAT Cochin) - Interest earned by co-operative society, engaged in banking business, out of investment made with co-operative bank deductible u/s 80P(2)(a)(i)...
Read MoreCircular No. 6/2010-Income Tax - (20/09/2010) - Circular No. 6/2010-Income Tax 2.As Regional Rural banks (RRB) are basically corporate entities (and not cooperative societies, they were considered to be not eligible for deduction under section 80P when the section was originally introduced. However, as section 22 of the Regional Rural Bank Act p...
Read MoreITO Vs M/s. Siddasiri Pattin Souharda Sahakari Niyamit (ITAT Bangaluru) -
ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) -
The Mavilayi Service Co-operative Bank Ltd Vs CIT (Kerala High Court) -
ITO Vs Mundela Service Cooperative Bank Ltd. (ITAT Cochin) -
ITO Vs. M/s. Chirayinkeezhu Service Co-operative Bank Limited (ITAT Cochin) -
ITOVs Ernakulam Cooperative Agricultural & Rural Development Bank Limited (ITAT Cochin) -
Jawala Cooperative Urban Thrift & Credit Society Ltd. v. ACIT (ITAT Delhi) -
M/s. Kuthuparamba Range Kalluchethu Vyavasaya Thozhilali Sahakarana Sangham Ltd. Vs CIT (Kerala High Court) -
