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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....
Read MoreIncome 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....
Read MoreIncome 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 MoreIncome 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 MoreIncome 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 MoreIncome 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 MoreM/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 MoreITO 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)....
Read MoreITO 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...
Read MoreM/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...
Read MoreITO 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)....
Read MoreCircular 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 MoreM/s. Kuthuparamba Range Kalluchethu Vyavasaya Thozhilali Sahakarana Sangham Ltd. Vs CIT (Kerala High Court) -
ITO Vs Shree Keshorai Patan Sahakari Sugar Mill (ITAT Jaipur) -
ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin) -
M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad) -
ITO Vs Nannambra Service Cooperative Bank Ltd. (ITAT Cochin) -
Jodhpur Sahakari Bhoomi Vikas Bank Ltd. Vs ITO (ITAT Jodhpur) -
ITO Vs The New India Assurance Co. Ltd. Employees' Co-op. Credit Society Ltd. (ITAT Kolkata) -
The Padne Service Cooperative Bank Limited Vs. The Income Tax Officer Ward- 2 (ITAT Cochin) -
