Section 80P

Taxation of Cooperative Societies under Direct & Indirect Tax

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....

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Section 80P & income from investments – Co-op Credit Societies- a nightmare

Income 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....

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Tax Treatment of Co-operative Credit Society

Income 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...

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Compulsory Filing of Income Tax Return for Co-Op Housing Societies

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...

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Taxation of Co-operative Housing Societies & Income Tax Return

Income 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....

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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....

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Interest on investments with treasuries & Banks- Eligibility of Section 80P deduction- HC remands matter to AO

Enadimangalam 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'...

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Section 80P(2)(d) deduction allowable on Other Interest Income apart from 10% Net Profit Transferred to Reserved Fund

PCIT 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...

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Section 80P deduction allowable to co-op credit societies despite loans to nominal members

Sarroday 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...

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Interest on FDR of co-op society with co-op bank eligible for Section 80P(2)(d) deduction

Jaipur 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....

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Entities registered under Karnataka Souharda Sahakari Act, 1997 fit into definition of co-operative society

Swabhimani 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...

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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...

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Section 80P’s Popular Posts

Recent Posts in "Section 80P"

Taxation of Cooperative Societies under Direct & Indirect 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 More
Posted Under: Income Tax |

Interest on investments with treasuries & Banks- Eligibility of Section 80P deduction- HC remands matter to AO

Enadimangalam 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 More

Section 80P & income from investments – Co-op Credit Societies- a nightmare

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 More
Posted Under: Income Tax | ,

Section 80P(2)(d) deduction allowable on Other Interest Income apart from 10% Net Profit Transferred to Reserved Fund

PCIT 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 Court said, such interest income would com...

Read More

Tax Treatment of Co-operative Credit Society

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 More
Posted Under: Income Tax |

Section 80P deduction allowable to co-op credit societies despite loans to nominal members

Sarroday 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 sweep even a nominal member, associate me...

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Interest on FDR of co-op society with co-op bank eligible for Section 80P(2)(d) deduction

Jaipur 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....

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Entities registered under Karnataka Souharda Sahakari Act, 1997 fit into definition of co-operative society

Swabhimani 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 have knocked at the doors of writ court in...

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Interest earned by Co-op Society on Investment with Co-op Bank eligible for Deduction

Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai)

Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai) We are of the considered view that though the co-operative bank pursuant to the insertion of sub-section (4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, however, as a co-operative bank continues to be a co-operative [&hellip...

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Interest Income of CHS from Co-op Bank entitled for Section 80P (2)(d) deduction

Solitaire CHS Ltd. Vs PCIT (ITAT Mumbai)

Though the co-operative banks pursuant to the insertion of sub­section (4) to Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, but as a co-operative bank continues to be a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being i...

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