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...
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Income Tax : ITAT Bangalore held that deduction under Section 80P cannot be denied merely because a co-operative society has nominal or associa...
Income Tax : The ITAT Bangalore held that interest earned on compulsory statutory deposits made under the Karnataka Souharda Sahakari Act const...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
Income Tax : The High Court set aside the assessment order, demand notice, and bank attachment after finding that the proceedings were complete...
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 noted that Interest income was earned on NSC, fixed deposit/certificate of bank as a result of a mandatory business requirement as per the West Bengal Cooperative Societies Act. Therefore, the interest earned from these deposits was indeed a business income, making it eligible for deduction under Section 80P(2)(a)(i).
ITAT Ahmedabad held that deduction under Section 80P of Income Tax Act, 1961 not allowable on interest income earned from the nationalized banks.
ITAT Ahmedabad held that grant received under Sampoorna Gramin Swarojgar Yogna (SGSY) from Government of Gujarat and interest earned on such grant cannot be treated as revenue receipt. Accordingly, the same is not liable to be taxed.
Review the details and consequences of the ITAT Ahmedabad’s ruling in Jetalpur Seva Sahkari Mandali Limited vs DCIT that income from commercial activity cannot be claimed as a deduction under Section 80P of the Income Tax Act.
The tribunal examined previous precedents such as The Vainganga Nagari Sahakari Pat Sanstha Ltd. Vs. ITO, and found the deduction on interest income received from nominal members has been allowed in these cases. Furthermore, the tribunal took into account that the Kerala Act and Maharashtra Act consider ‘Nominal Members’ within the ambit of ‘Members’, thereby making such interest income eligible for deduction u/s 80P(2)(a)(i).
ITAT Mumbai held that deduction u/s 80P(2)(d) of the Income Tax Act is duly available to co-operative society on the interest income/dividend received/earned from deposits with the co-operative banks.
The ITAT Chandigarh has allowed the appeal of Sard Dogri Co-operative against the disallowance of deduction claimed under section 80P of the Income Tax Act. The disallowance was made by the CPC Bangalore while processing the return of income under section 143(1) on the ground that the return was not filed within the due date.
The ITAT Cochin has upheld the penalty imposed on Paravur Service Cooperative Bank for its failure to furnish the audit report of its accounts audited by the Cooperative Department Auditor within the specified date under Section 44AB of the Income Tax Act.
ITAT Bangalore held that deduction under section 80P(2)(a)(i) or 80P(2)(d) of the Income Tax Act is not available in respect of interest income earned from scheduled banks.
The ITAT Pune ruling in Jankalyan Nagari Sahakari Patsanstha Ltd Vs ITO case sets a new precedent regarding eligibility of interest income for deduction under Section 80P(2)(a)(i) of Income Tax Act, redefining cooperative credit societies’ fiscal obligations.
