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...
The case of assessee was reopened and the assessment under section 144 read with section 147 of the IT Act, 1961. While framing the assessment, the AO restricted the deduction claimed u/s 80P(2)(c)(i) of the Act and also confirmed the disallowance u/s 40(a)(ia) consequent to deposit
Surplus funds not immediately required for day to day banking were kept in Bank deposits. The income earned there from thus would be income from banking business eligible for deduction u/s 80P(2)(a)(i).
It is held that deduction u/s 80P is allowable to a primary agricultural credit society. In the instant case , assessee being a registered society classified in bye-laws as primary agricultural credit society is entitled to claim exemption u/s 80P.
ITAT Mumbai held in the case of In the case of Lands End Co-operative Housing Society Limited vs ITO, that receipt of transfer fees, Non-occupancy charges and car parking charges are covered by the principle of mutuality.
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 joint performance of economic acts, to improve the financial position of its members or the condition under which they carry on their profession,
The Kangra Co-operative Bank Vs. JCIT (ITAT Delhi) The Assessing Officer disallowed the bad debts written off of Rs. 20,24,842/- on the ground that the amount of deduction claimed and allowed under the provisions of Section 36(1)(viia) of the Act for bad and doubtful debts of Rs. 3 8,00,870/- is more
In the case of Nileswar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham Vs. CIT, High court of Kerla at Ernakulam has held that the collective disposal of the labour of the members of the society is not resulting in the generation of any income to the society.
Bombay High court held In the case of CIT vs. Amravati District Central Cooperative Bank Ltd. that following the judgment of (2003) 264 ITR (38) (Bom.) (CIT vs. Ahmednagar District Central Cooperative Bank Ltd.)
The High Court held that the assessee was bound to get its accounts audited under section 64 of the Kerala Co-operative Societies Act, 1969, and the delay in audit by the auditor appointed under the Act was not attributable to the assessee.
In the present case, we find that the assessee has earned interest income on fixed deposits made by the assessee with sub-treasury, Meenachili, Kadappattoor and SBI Pala totaling Rs. 20,21,909/- and the interest income earned on the surplus funds of the assessee cannot be considered
