Section 80P

Section 80P Deduction for Farm Producer Companies

Income 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 More

Brief on Multi State Co-Operative Society

Income 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 More

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....

Read More

Dear Assessing Officer, Please Co-operate With Co-operative Banks

Income Tax - Co-operative banking is being aided and encouraged by the State Governments vide the various provisions of State Co-operative Societies Acts. A co-operative bank is a co-operative society, which is union of persons established according to the principles of equality, the number of whose members is unlimited and the purpose of which is, by...

Read More

Section 80P and income from investments – Co-operative Credit Societies- a nightmare

Income Tax - Co-operative credit societies enjoy the deduction u/s 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. Recently, IT department has started denying ...

Read More

Clarify on exemption of interest on deposits by co-operative societies with multi-State cooperative banks

Income 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 More

Deduction u/s 80P(2) on interest received on deposits with Sub-Treasuries.

The Padne Service Cooperative Bank Limited Vs. The Income Tax Officer Ward- 2 (ITAT Cochin) - In an assessee- favor ruling, the Cochin bench of ITAT said that the assessee, a primary agricultural credit society is entitled to the benefit of deduction under Section 80P (2) of the Income Tax Act, with regard to interest received on deposits made by the assessee with sub treasury....

Read More

Primary Agricultural Co-op Credit Society is eligible for Sec. 80P Deduction

ITO Vs M/s.Edanad- Kannur SCB Ltd. (ITAT Cochin) - ITO Vs M/s. Edanad- Kannur SCB Ltd. (ITAT Cochin) The undisputed facts are that the assessees in these cases are all primary agricultural credit society and they are registered as such under the Kerala Co­operative Societies Act. The Hon’ble jurisdictional High Court in the case of Chirakkal Serv...

Read More

Deduction u/s 80P eligible on ‘interest’ earned by assessee on deposits placed with SBI by SBI Officers Co-op. Credit Society

SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad) - SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad) This is assessee’s appeal for the A.Y 2012-13. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-10, Hyderabad, dated 2.11.2016 confirming the dis allowance of Rs. 77,44,295 claimed by the assessee as a dedu...

Read More

Credit co-operative society providing credit facilities to members can claim deduction u/s 80P(2)(a)(i)

The Income-tax Officer Vs. The Somavamsha Sahasrajuna Kshatriya Credit Co-operative Society (ITAT Bangalore) - The Income Tax Appellate Tribunal Bangalore bench while dismissing revenues appeal recently ruled that Credit co-operative society engaged in providing credit facilities, etc., to its members is eligible for deduction under Section 80P of the Income Tax Act, 1961. ...

Read More

Co-Op Credit Society can claim Section 80P deduction on interest income from nationalized banks

Income-tax Officer Vs. The Electro Urban Co-op. Credit Society Ltd. (ITAT Kolkata) - Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that interest income earned from nationalized banks shall be treated as business income for which deduction under Section 80P of the Income Tax Act can be claimed....

Read More

Clarification regarding eligibility of deduction under Section 80P to Regional Rural Banks

Circular 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 More

Section 80P’s Popular Posts

Recent Posts in "Section 80P"

Deduction u/s 80P(2) on interest received on deposits with Sub-Treasuries.

The Padne Service Cooperative Bank Limited Vs. The Income Tax Officer Ward- 2 (ITAT Cochin)

In an assessee- favor ruling, the Cochin bench of ITAT said that the assessee, a primary agricultural credit society is entitled to the benefit of deduction under Section 80P (2) of the Income Tax Act, with regard to interest received on deposits made by the assessee with sub treasury....

Read More

Section 80P Deduction for Farm Producer Companies

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 More
Posted Under: Income Tax |

Primary Agricultural Co-op Credit Society is eligible for Sec. 80P Deduction

ITO Vs M/s.Edanad- Kannur SCB Ltd. (ITAT Cochin)

ITO Vs M/s. Edanad- Kannur SCB Ltd. (ITAT Cochin) The undisputed facts are that the assessees in these cases are all primary agricultural credit society and they are registered as such under the Kerala Co­operative Societies Act. The Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Limited & Ors....

Read More

Deduction u/s 80P eligible on ‘interest’ earned by assessee on deposits placed with SBI by SBI Officers Co-op. Credit Society

SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad)

SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad) This is assessee’s appeal for the A.Y 2012-13. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-10, Hyderabad, dated 2.11.2016 confirming the dis allowance of Rs. 77,44,295 claimed by the assessee as a deduction u/s 80P of the Act. […]...

Read More

Clarify on exemption of interest on deposits by co-operative societies with multi-State cooperative banks

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 More
Posted Under: Income Tax |

Credit co-operative society providing credit facilities to members can claim deduction u/s 80P(2)(a)(i)

The Income-tax Officer Vs. The Somavamsha Sahasrajuna Kshatriya Credit Co-operative Society (ITAT Bangalore)

The Income Tax Appellate Tribunal Bangalore bench while dismissing revenues appeal recently ruled that Credit co-operative society engaged in providing credit facilities, etc., to its members is eligible for deduction under Section 80P of the Income Tax Act, 1961. ...

Read More

Co-Op Credit Society can claim Section 80P deduction on interest income from nationalized banks

Income-tax Officer Vs. The Electro Urban Co-op. Credit Society Ltd. (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that interest income earned from nationalized banks shall be treated as business income for which deduction under Section 80P of the Income Tax Act can be claimed....

Read More

Society allowing Loan to non-members cannot claim deduction U/s. 80P

The Income Tax Officer Vs. Shri Bapooji Pattin Souhard Sahakari Niyamit (ITAT Bangalore)

The only issue in the present appeal is whether the respondent- assessee co-operative society is entitled for deduction u/s. 80P of the Act. The respondent- assessee is registered under the Karnataka Co-operative Societies Act. According to the respondent- assessee, the primary activity of the assessee is only to provide credit facilities...

Read More

Deduction U/s. 80P(2) cannot be denied to registered Primary Agricultural Credit Society for doing banking business

ITO Vs. Edarikode Service Co-operative Bank Ltd. (ITAT Cochin)

ITAT held that as the assessee had produced a certificate showing that it was registered as Primary Agricultural Credit Society under the provision of Co-operative Societies Act, therefore, the assessee was entitled to the benefit of deduction under section 80P(2)....

Read More

80P Deduction eligible to Co-op Societies providing Credit facilities only to its Members

ITO Vs. Shri Shri Revanasiddeshwar Co-op. Credit Society Limited (ITAT Bangalore)

A co-operative society registered under the Karnataka Co-operative Societies Act, which is not having a banking license from the RBI to carry on the business of banking, cannot be deemed to be a co-operative bank coming within the ambit of section 80P(4) of the Act. ...

Read More
Page 1 of 512345

Browse All Categories

CA, CS, CMA (3,649)
Company Law (3,702)
Custom Duty (6,853)
DGFT (3,607)
Excise Duty (4,105)
Fema / RBI (3,405)
Finance (3,621)
Income Tax (26,732)
SEBI (2,834)
Service Tax (3,326)