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 petitioner’s claim that delay was caused by a tax consultant was rejected. The Court held that the Tribunal’s finding was not perverse and required no interference.
The Tribunal held that interest earned on surplus funds is business income of a credit society. Such income qualifies for deduction under Section 80P(2)(a)(i).
The Tribunal held that eligibility for Section 80P depends on actual activities, not the society’s name. Deduction was allowed as the society provided credit facilities to members.
The Tribunal held that deduction under Section 80P on bank interest cannot be re-examined once earlier order attained finality. The issue was restricted to allowing related expenses under Section 57.
The Tribunal held that delayed verification of an e-filed return is only a procedural lapse. Deduction under Section 80P cannot be denied when the return was filed within the due date.
The Tribunal held that disallowance of interest provision only increases business income, which remains eligible for Section 80P deduction. Hence, the addition was treated as tax-neutral and not taxable.
The case involved denial of deduction on interest earned from cooperative bank deposits. The Tribunal held that such income qualifies for deduction as it is derived from investments with a cooperative society.
The Tribunal ruled that interest earned from mandatory bank deposits by a co-operative credit society qualifies as business income and is eligible for deduction under Section 80P.
The Tribunal held that filing return after due date does not disqualify deduction under section 80P for AYs prior to 2018. It ruled that denial on this ground was incorrect and required rectification.
ITAT held that interest earned by a co-operative society from deposits with a co-operative bank qualifies for deduction under Section 80P(2)(d). It ruled that such income remains eligible despite Section 80P(4), and addition made by CPC was deleted.
