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 : Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of ac...
Income Tax : The Tribunal held that interest income earned from mandatory reserve fund deposits and co-operative bank accounts qualifies for de...
Income Tax : The petitioner stated that reassessment notices were not acted upon because the auditor failed to inform it about the proceedings....
Income Tax : ITAT Bangalore held that the presence of associate or nominal members does not disqualify a co-operative society from claiming ded...
Income Tax : ITAT Rajkot held that revision under section 263 was not sustainable where the Assessing Officer had already conducted extensive v...
Income Tax : CBDT issues Circular No. 14/2024 allowing condonation of delay in filing tax returns for AY 2023-24 under Section 80P, benefiting ...
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...
The ITAT dismisses a cooperative society’s appeal over disallowed tax deductions after the society confirmed it is pursuing an alternative remedy.
ITAT rules that a co-op bank’s dealings with nominal members do not violate mutuality, allowing a deduction under Section 80P. It also clarifies rules for interest income from deposits.
ITAT Bangalore rules that interest on mandatory SLR/CRR deposits made by co-operative banks is eligible for Section 80P deduction, distinguishing it from surplus funds.
The ITAT Ahmedabad ruled that the amendment to Section 80AC, requiring timely tax return filing for Chapter VIA deductions, is not applicable to Assessment Year 2017-18.
ITAT Panaji ruled that cooperative societies can claim a deduction under Section 80P even if they filed their return late, but only for assessment years (AYs) prior to 2018-19.
Siddhartha Pattina Sahakari Sangha Niyamita Vs ITO (ITAT Bangalore) ITAT Bangalore held that the assessee is entitled to deduction under Section 80P(2)(a)(i) of the Income Tax Act on the interest income earned from deposits made in compliance with statutory requirements. Accordingly, appeal of the assessee allowed. Facts- The assessee is a cooperative society registered under […]
ITAT Jaipur allows deduction u/s 80P on interest earned from bank FDs and investments for a credit co-operative society, distinguishing the Totgars case and following CBDT clarifications.
ITAT Panaji held that, in order to verify violation provisions of section 18(1) of the Karnataka Cooperative Societies (Amendment)Act 2014, AO is directed to verify list of all members of society and examine whether associate members exceeds 15% of total membership or not.
The ITAT Cochin bench addresses whether a cooperative society tax return filed after the original due date but within a CBDT-extended deadline for Kerala flood victims is eligible for Section 80P deduction. The tribunal rules the return was timely allowing the deduction.
The AO completed the assessment u/s.147 r.w.s. 144B of the Act vide order dated 02.03.2023. In the said reassessment order, the AO treated the income received from Kanchipuram Central Co-operative Bank Ltd.
