Section 80P articles

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....

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Posted Under: Income Tax |

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....

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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...

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Posted Under: Income Tax |

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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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....

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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 |

Section 80P Deduction for Farm Producer Companies

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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Posted Under: Income Tax |

Brief on Multi State Co-Operative Society

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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Posted Under: Income Tax |

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....

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Dear Assessing Officer, Please Co-operate With Co-operative Banks

Co-operative banking is being aided and encouraged by the State Governments vide the various provisions of State Co-operative Societies Acts. A co-operative bank is a co-operative society, which is union of persons established according to the principles of equality, the number of whose members is unlimited and the purpose of which is, by...

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Posted Under: Income Tax |

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