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Income Tax - U/s 2(19) of the Income Tax Act 1961, ‘cooperative society’ means a cooperative society registered under the Cooperative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of the cooperative societies....
Read MoreIncome Tax - Co-operative credit societies enjoy the deduction under section 80P in respect of the whole of their income attributable to banking business. However, the term ‘income attributable to banking business’ has become a vexed term, especially in light of recent judicial developments on the subject matter....
Read MoreIncome Tax - Co operative Credit society providing banking or credit facility to its members is taxable under section 80P or not? Meaning and Definitions: 1) Meaning of Co operative Society: Section 2(19) of IT Act, 1961: ‘Cooperative Society’ means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), o...
Read MoreIncome 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 - 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 MoreEnadimangalam Service Co-operative Bank Ltd. Vs ITO (ITAT Cochin) - Interest income earned from investments with treasuries and banks is part of banking activity of the assessee, and therefore, the said interest income was eligible to be assessed as 'income from business' instead of 'income from other sources'...
Read MorePCIT Vs Electro Urban Co-Operative Credit Society Ltd. (Calcutta High Court) - PCIT Vs Electro Urban Co-Operative Credit Society Ltd. (Calcutta High Court) The issue under consideration is whether interest on deposits/securities, which strictly speaking accrues to the members’ account, could be taxed as business income under section 28 of Income Tax Act, 1961? Supreme Co...
Read MoreSarroday Gramin Bigarsheti Sahakari Path Sanstha Maryadit Vs ITO (ITAT Pune) - Assesse-cooperative society registered under the Maharashtra Co-op. Society Act, 1960 was entitled for exemption under section 80P on giving of loans to members/nominal members as the definition of ‘member’ given in section 2(19) of the Maharashtra Cooperative Societies Act took within its s...
Read MoreJaipur Zila Dugdh Utpadak Sahakari Sangh Ltd. Vs DCIT (ITAT Jaipur) - Interest income derived by assessee, co-operative society from its investments held with a co-operative bank, was entitled for claim of deduction under section 80P(2)(d) as for the purposes of section 80P(2)(d) of the Act, Cooperative Bank Ltd shall be treated as a co-operative society....
Read MoreSwabhimani Souharda Credit Co Operative Ltd Vs Government of India (Karnataka High Court) - Swabhimani Souharda Credit Co Operative Ltd Vs Government of India (Karnataka High Court) Petitioner is a Credit Cooperative, registered under the Karnataka Souharda Sahakari Act, 1997; petitioner is registered as the State Federal Cooperative, as provided under Section 33 of the said Act; they ha...
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...
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Enadimangalam Service Co-operative Bank Ltd. Vs ITO (ITAT Cochin) -
PCIT Vs Electro Urban Co-Operative Credit Society Ltd. (Calcutta High Court) -
Sarroday Gramin Bigarsheti Sahakari Path Sanstha Maryadit Vs ITO (ITAT Pune) -
Jaipur Zila Dugdh Utpadak Sahakari Sangh Ltd. Vs DCIT (ITAT Jaipur) -
Swabhimani Souharda Credit Co Operative Ltd Vs Government of India (Karnataka High Court) -
Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai) -
Solitaire CHS Ltd. Vs PCIT (ITAT Mumbai) -
