Section 80P

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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Section 80P Deduction – Co-operative Societies – Analysis & Case Laws

Income 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....

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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...

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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...

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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 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 ...

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Deduction U/s. 80P not allowable to Co-operative society if it provides Credit facility to other than members

ITO 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...

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Unexplained cash credit U/s. 68 cannot be treated as business income & not eligible for Section 80P Deduction

ITO 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...

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Section 80P(4): To allow deduction AO can enquire into activities of assessee

The 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...

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Registered Agricultural society entitled to deduction U/s. 80P(2)

ITO 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...

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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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Recent Posts in "Section 80P"

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 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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Deduction U/s. 80P not allowable to Co-operative society if it provides Credit facility to other than members

ITO 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 to deduction under section 80P....

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Unexplained cash credit U/s. 68 cannot be treated as business income & not eligible for Section 80P Deduction

ITO 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 taxmann.com/379 ITR 330 wherein ‘...

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Section 80P(4): To allow deduction AO can enquire into activities of assessee

The 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 deduction under Section 80P […]...

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Registered Agricultural society entitled to deduction U/s. 80P(2)

ITO 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 primary agricultural credit society, registe...

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Interest earned by banking co-op society deductible u/s 80P(2)(a)(i)

ITO 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)...

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No Sec 80P Deduction to Co-operative Society Operating in more than One Taluk

ITOVs Ernakulam Cooperative Agricultural & Rural Development Bank Limited (ITAT Cochin)

ITO Vs Ernakulam Cooperative Agricultural & Rural Development Bank Limited (ITAT Cochin) Section 80P(2)(a)(i) was denied for two reasons by the Assessing Officer. The CIT(A) while allowing the claim of the assessee had not adjudicated the issue whether the assessee can be granted deduction u/s 80P, when the assessee’s area of operat...

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Deduction U/s. 80P to cooperative society on Interest earned on FDs and saving bank deposit

Jawala Cooperative Urban Thrift & Credit Society Ltd. v. ACIT (ITAT Delhi)

Jawala Cooperative Urban Thrift & Credit Society Ltd. Vs ACIT (ITAT Delhi) Funds kept in bank could be said to be ready for utilization by the assessee, cooperative society, in its business of providing credit facilities to its members, and therefore, the income from such monies, kept in bank, were attributable to the business of [&he...

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