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...
ITAT Cochin remands Kangazha Service Co-op. Bank’s tax appeal to CIT(A), citing a lack of merit-based adjudication and a need for a new hearing.
ITAT Pune rules cooperative societies can claim S.80P deduction via ITR filed under S.142(1), setting aside denial over delayed e-verification.
ITAT Pune held that interest income earned by cooperative society on deposits made out of surplus funds with cooperative banks qualifies for deduction under the provisions of section 80P(2)(a)(i). Accordingly, appeal of assessee allowed.
Kerala High Court sets aside reassessment against co-operative bank, ruling proceedings based on a cancelled PAN denied effective opportunity to contest.
ITAT Cochin dismisses co-operative bank’s appeal, affirming tax on unexplained cash credits under Section 68, stating they don’t automatically qualify for Section 80P deduction.
ITAT Mumbai rules cooperative housing societies can claim Section 80P(2)(d) deduction on interest from co-operative banks. Interest from nationalized banks is not eligible.
ITAT Rajkot rules Section 80P deduction for co-operative societies not deniable due to belated return filing under Section 139(4), remanding cases for re-examination.
Assessee is a co-operative society engaged in the business of providing credit facilities to its members. Assessee is claiming deduction u/s. 80P(2) of the Income Tax Act. Notably, vide intimation u/s. 143(1), the deduction u/s. 80P(2)(d) was disallowed.
ITAT Rajkot’s affirmed that interest from depositing surplus funds with nationalized/ private banks is not deductible under Section 80P(2)(a)(i) as it is not integral to business of providing credit to members.
ITAT Surat rules Bardoli Vibhag Gram Vikas Co-op Credit Society’s interest from co-operative banks is eligible for Section 80P(2)(d) deduction, overturning PCIT.
