Corporate Law : Learn about the characteristics, types, and tax implications of cooperative societies in India, including deductions under Section...
Income Tax : Explore Circular 13/2023 on Income Tax condoning delays for returns claiming 80P deduction from AY 2018-19 to AY 2022-23. Understa...
Income Tax : TDS on Cash Withdrawals - Section 194N of Income Tax Act, 1961: Section 194N provides that every banking company, cooperative bank...
Income Tax : Understand the tax implications of interest on securities and income from house property for co-operative societies. Learn about S...
Income Tax : Section 80P: Deduction in respect of Income of Co-operative Societies In case of all co-operative societies, except co-operative b...
Income Tax : The anomalous position may be rectified by making suitable amendment in section 2(19) defining a Co-operative Society, by includin...
Income Tax : Read the full text of the order by ITAT Bangalore on Mudur Vyavasaya Seva Sahakari Sangha Ltd's appeal against CIT(A)'s decision. ...
Income Tax : Kerala High Court condones an 11-day delay in the tax appeal by Meenachil Taluk Cooperative Society, emphasizing the need for lega...
Income Tax : Delhi ITAT allows Section 80P(2)(d) deduction for Janta Adarsh Co-operative Thrift & Credit Society on interest earned from Co-ope...
Income Tax : Explore ITAT Mumbai's verdict granting deduction under Section 80P(2)(d) to Grand Paradi Co-op Housing Society, clarifying co-op b...
Income Tax : Explore the ITAT Bangalore ruling on Raythara Sahakari Sangha Ltd. vs. ITO, addressing the eligibility for deduction under Section...
Income Tax : Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80...
Income Tax : Circular No. 6/2010-Income Tax 2.As Regional Rural banks (RRB) are basically corporate entities (and not cooperative societies, t...
Jila ALP Sankhyak Bachat Sahakari Sakh Samiti Maryadit Vs DCIT (ITAT Raipur) Deductions otherwise disallowable under the Act but could not be disallowed in 143(1) – Eg 80P deduction AY 18-19 to AY 20-21 Assessee -Credit Co-operative Society, claiming deduction u/s.80P filed its ROI A.Y.2018-19 beyond the due date u/s 139(1). CPC in its Intimation […]
Lokmangal Nagri Sahakari Path Sanstha Maryadit Vs PCIT (ITAT Pune) In the present case, we find that admittedly the interest income was earned from the cooperative banks, the cooperative bank is also a specie of cooperative society, therefore, the interest income earned by the cooperative society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) […]
Malwa Coop. L & C Society Ltd. ITO (ITAT Amritsar) In this case Hon’ble ITAT already determined the turnover, and the direction was made accordingly. Also related to deduction u/s 80P(2)(a)(vi) specific direction was made by the Hon’ble ITAT in its order dated 13.10.204 in ITA No. 483/Asr/2014. ITAT heard the rival submissions and relied […]
Understand the tax implications of interest on securities and income from house property for co-operative societies. Learn about Section 80P(2)(f) deduction and eligibility criteria.
Section 80P(2)(a)(i) Deduction is allowable when interest is derived from credit provided to its members by co-operative credit societies
Interest income earned by assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of Act.
ITAT Bangalore remits Amasebail’s Sec. 80P claim to AO based on delay condonation application. Key considerations for deduction eligibility discussed.
Sahyadri Vividdhodesha Areca Vs ITO (ITAT Bangalore) Held that object of section 80P(4) was to exclude cooperative banks that function at par with other commercial banks and noted that as primary agricultural credit societies are not entitled for obtaining a banking license would not be hit by this provision. Facts- Assessee is a society registered […]
Assessee, being co-operative society, is out of the provisions of section 80P(4) and eligible for deduction under section 80P(2)(a)(i)
ITAT held that that section 80A(5) of the Act is applicable only when a return of income is filed by an assessee and a deduction under Chapter VI A of the Act, is not claimed in such return of income. It will not apply to a case where no return of income is filed.
