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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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, w...

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Income from Toddy Tapping is eligible for deduction U/s. 80P

M/s. Kuthuparamba Range Kalluchethu Vyavasaya Thozhilali Sahakarana Sangham Ltd. Vs CIT (Kerala High Court) - When such extraction of toddy is carried on from the trees belonging to the members of the Society, it is definitely an agricultural produce grown by its members. Vending of such produce grown by its members even under a regulatory regime would be marketing of an agricultural produce....

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Deduction U/s. 80P(2)(d) eligible to Co-operative society on Interest from co-operative banks despite not providing credit facilities to members

ITO Vs Shree Keshorai Patan Sahakari Sugar Mill (ITAT Jaipur) - There is no condition for co-operative society to be engaged in the activity of providing credits to the members or banking business for availing of the deduction under section 80P(2)(d)....

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Sec 80P Deduction available to Co-Bank for Interest on Investments with Sub-Treasuries during its Business

ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin) - ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin) The Assessing Officer in the impugned orders had disallowed the claim stating that the assessee could not be treated as a primary agricultural credit society as it is engaged in the business of banking and in view of insertio...

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Principle of mutuality cannot be denied simply because there are two categories of members as per bye-laws of society

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad) - M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad) The AO and CIT(A) have considered the ordinary members and nominal members are different class of members. AO accepts that ordinary members are having mutuality but he denies the same with reference to nominal memb...

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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"

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

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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Posted Under: Income Tax |

Income from Toddy Tapping is eligible for deduction U/s. 80P

M/s. Kuthuparamba Range Kalluchethu Vyavasaya Thozhilali Sahakarana Sangham Ltd. Vs CIT (Kerala High Court)

When such extraction of toddy is carried on from the trees belonging to the members of the Society, it is definitely an agricultural produce grown by its members. Vending of such produce grown by its members even under a regulatory regime would be marketing of an agricultural produce....

Read More

Taxation of Co-operative Housing Societies & Income Tax Return

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 More
Posted Under: Income Tax | ,

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

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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Posted Under: Income Tax |

Deduction U/s. 80P(2)(d) eligible to Co-operative society on Interest from co-operative banks despite not providing credit facilities to members

ITO Vs Shree Keshorai Patan Sahakari Sugar Mill (ITAT Jaipur)

There is no condition for co-operative society to be engaged in the activity of providing credits to the members or banking business for availing of the deduction under section 80P(2)(d)....

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Sec 80P Deduction available to Co-Bank for Interest on Investments with Sub-Treasuries during its Business

ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin)

ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin) The Assessing Officer in the impugned orders had disallowed the claim stating that the assessee could not be treated as a primary agricultural credit society as it is engaged in the business of banking and in view of insertion of section 80P(4) with effect from [&h...

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Principle of mutuality cannot be denied simply because there are two categories of members as per bye-laws of society

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad)

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad) The AO and CIT(A) have considered the ordinary members and nominal members are different class of members. AO accepts that ordinary members are having mutuality but he denies the same with reference to nominal members. The principle of mutuality cannot b...

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Deduction U/s. 80P(2)- Primary agricultural credit society?

ITO Vs Nannambra Service Cooperative Bank Ltd. (ITAT Cochin)

An institution registered as a Primary Agricultural Credit Society (PACS) was not entitled to obtain Banking License and, therefore, could not be considered as bank not entitled for deduction under section 80P(2)....

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Allowability of deduction U/s. 80P(2)(a)(i) to Co-operative society engaged in providing credit facilities to members

Jodhpur Sahakari Bhoomi Vikas Bank Ltd. Vs ITO (ITAT Jodhpur)

These appeals preferred by the assessee emanates from the order of learned Commissioner (Appeals)-2, Jodhpur for assessment year 2008-09 vide order dated 19-11-2015; assessment year 2010-11 vide order dated 20-11-2015...

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