Section 80P

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

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....

Read More

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....

Read More

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...

Read More

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...

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

Demand due to denial of Section 80P deduction- Stayed by HC till disposal of Appeal by CIT(A)

Poothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) - Poothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) The question which is pending for adjudication before the appellate authority is whether the petitioners who are co-operative Societies are entitled for deduction under Section 80 (P) of the Income Tax Act. The Assessing Officer ha...

Read More

Section 80P deduction eligible on Interest Income on Saving Bank Account

Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) - Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) Only issue before the Tribunal is whether the interest income  earned  by  the assessee firm from the deposits in the Savings Bank is eligible for deduction u/s 80P(2) of the I.T. Act. The AO and the CIT (A) have relied upon the decision of the ...

Read More

Genuine hardship must be considered before condoning delay: HC remands matter back to PCIT

PCIT Vs Keradi Milk Producers Women Co-Operative Society Limited (Karnataka High Court) - On the aspect of delay, genuine hardship would have to be considered before condoning the delay and discretion has to be exercised in genuine cases of hardship and accordingly, exercising his discretion, learned single Judge held that application seeking condonation of delay in filing the returns ha...

Read More

Section 80P deduction can be claimed while filing return in response to Section 148

Daee Coop T&C Society Vs ACIT (ITAT Chennai) - Daee Coop T&C Society Vs ACIT (ITAT Chennai) There is no dispute with regard to the fact that the assessee is a credit co-operative society registered under the TamilNadu Co­operative Societies Act, 1983. It is also not in dispute that the assessee is engaged in the business of providing credit...

Read More

Supreme Court explains section 80P(4) deduction

The Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court) - The Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court of India) Limited object of section 80P(4) is to exclude co-operative banks that function at par with other commercial banks i.e. which lend money to members of the public. Thus, if the Banking Regulation Act, 1949 is now to be seen, what is ...

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"

Demand due to denial of Section 80P deduction- Stayed by HC till disposal of Appeal by CIT(A)

Poothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court)

Poothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) The question which is pending for adjudication before the appellate authority is whether the petitioners who are co-operative Societies are entitled for deduction under Section 80 (P) of the Income Tax Act. The Assessing Officer has denied the benefit of Section 80 (P) o...

Read More

Section 80P deduction eligible on Interest Income on Saving Bank Account

Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad)

Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) Only issue before the Tribunal is whether the interest income  earned  by  the assessee firm from the deposits in the Savings Bank is eligible for deduction u/s 80P(2) of the I.T. Act. The AO and the CIT (A) have relied upon the decision of the Hon’ble Supreme […]...

Read More

Genuine hardship must be considered before condoning delay: HC remands matter back to PCIT

PCIT Vs Keradi Milk Producers Women Co-Operative Society Limited (Karnataka High Court)

On the aspect of delay, genuine hardship would have to be considered before condoning the delay and discretion has to be exercised in genuine cases of hardship and accordingly, exercising his discretion, learned single Judge held that application seeking condonation of delay in filing the returns has to be reconsidered....

Read More

Section 80P deduction can be claimed while filing return in response to Section 148

Daee Coop T&C Society Vs ACIT (ITAT Chennai)

Daee Coop T&C Society Vs ACIT (ITAT Chennai) There is no dispute with regard to the fact that the assessee is a credit co-operative society registered under the TamilNadu Co­operative Societies Act, 1983. It is also not in dispute that the assessee is engaged in the business of providing credit facilities to its members. The [&hellip...

Read More

Supreme Court explains section 80P(4) deduction

The Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court)

The Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court of India) Limited object of section 80P(4) is to exclude co-operative banks that function at par with other commercial banks i.e. which lend money to members of the public. Thus, if the Banking Regulation Act, 1949 is now to be seen, what is clear from […]...

Read More

Section 80P Deduction eligible to Co-Op Bank Primarily engaged in Banking Business

The Chombal Service Co-operative Bank Limited Vs ITO (ITAT Cochin)

The issue under consideration is whether co-operative bank is eligible for deduction under section 80P of income tax Act, 1961 ? Co-Operative Bank is Also Eligible for Deduction u/s 80P if they Primarily Engaged in Business of Banking...

Read More

Interest received from Jaipur Central Co-op Bank eligible for section 80P(2)(d)deduction

Shahpura Gram Seva Sahakari Samiti Ltd. Vs ITO (ITAT Jaipur)

The issue under consideration is whether the interest received by the assessee from the Cooperative Bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act?...

Read More

Detailed examination of Loan Disbursed must before denying section 80P deduction

Kechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin)

Kechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin) In the instant case, the Assessing Officer had denied the claim of deduction u/s 80P of the I.T.Act for the reason that assessee was essentially doing the business of banking and disbursement of agricultural loans by the assessee was only minuscule. Therefore, the Assessing Of...

Read More

Section 80P Deduction eligible on Bonus in the nature of dividend by KMF to Co-op Society

The Mysore District Co-operative Milk Producers Society Union Ltd. Vs ACIT (ITAT Bangalore)

The issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producers’ Federation (KMF)?...

Read More

Tax on Bank Interest of Co-Op Society, Club or Mutual Association

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
Posted Under: Income Tax | ,

Browse All Categories

CA, CS, CMA (5,377)
Company Law (7,227)
Custom Duty (8,447)
DGFT (4,523)
Excise Duty (4,474)
Fema / RBI (4,646)
Finance (4,917)
Income Tax (36,820)
SEBI (3,941)
Service Tax (3,706)

Search Posts by Date

May 2021
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31