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 : ITAT held that interest earned from scheduled and co-operative banks was attributable to the society's business of providing credi...
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 Delhi held that as per provisions of section 44 of the Income Tax Act there is no requirement of head wise bifurcation while computing income u/s 44 in case of insurance company. Thus, provisions of section 14A are not relevant to make a disallowance.
ITAT Amritsar held that a reasonable opportunity should be given to the assessee before making addition u/s 40A(7) of the Income Tax Act before processing rectification application u/s 154.
ITAT Kolkata ruled in Kishorepur Paschimanchal SKUS Limited Vs ITO that delay in filing ROI does not deny a taxpayers deduction claims under Section 80P of IT Act 1961
ITAT Bangalore held that the interest income received on temporary Fixed Deposits is eligible for exemption under section 10AA of the Income Tax Act.
ITAT Mumbai held that deduction under section 80P(2)(d) is allowable on the entire interest income received by the assessee from the Co-operative bank which includes the amount credited to the balance sheet.
ITAT Amritsar held that interest on FDR’s received by co-operative society by investing in another co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act.
ITAT Kolkata held that grants from the West Bengal State Government to cooperative societies are not income from other sources and eligible for deduction under section 80P of the Income Tax Act, 1961.
ITAT Delhi held that disallowance of genuine claim of depreciation merely because the depreciation figure is not reflected in column no. 45 of ITR is unsustainable in law. Action of lower authorities of disallowing the genuine claim of depreciation on a very flimsy reason is unjustified.
ITAT Ahmedabad’s decision in case of ONGC Employees Co-op Credit & Thrift Society Limited Vs ITO, provides insight into exemption of interest income under Section 80P(2)(a)(i) of Income Tax Act.
ITAT’s ruling affirms that a Co-operative Society can claim deductions for the interest income derived from a Fixed Deposit Receipt (FDR) with a Co-operative Bank.
