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 Bangalore held that assessee, being a employees housing co-operative society, is eligible for deduction u/s 80P(2)(d) in respect of interest earned from co-operative banks.
ITAT held that Co-Operative Societies can claim Interest Received from Co-Op. Banks as Deduction u/s 80P(2) of the I. T. Act, 1961
ITAT Mumbai held that deduction under section 80P(2)(d) of the Income Tax Act duly available on interest income earned from FDs and RDs invested with cooperative bank.
Explore the landmark ruling by ITAT Pune on deductions for interest income from deposits with a nationalized bank, as illustrated in the Subordinate Engineers Association MSEB Co.op. Credit Society Ltd Vs ITO case.
ITAT Ahmedabad held that deduction under section 80P of the Income Tax Act disallowed as assessee filed return belatedly.
ITAT Bangalore held that common interest earned from investment in co-operative banks is not eligble for deduction u/s 80P(2)(a)(i) or 80P(2)(d) of the Income Tax Act.
Alleged interest income is from the Fixed Deposits, which were made by the assessee in the course of business and in order to comply the statutory requirements of the West Bengal Cooperative Societies Act, 2006. Therefore, the same should be treated as part of the business income and is eligible for deduction under section 80P(2)(a)(i) of the Act and should not be treated as income from other sources.
Tirumala Tirupati Devasthanams Employees Co Op. Credit Society Vs ITO (ITAT Hyderabad) In the case on hand, undisputedly, the interest arose on the credit balances with reference to the regular course of business of the assessee. On this aspect, the Hon’ble jurisdiction High Court in Vavveru Co-operative Rural Bank Ltd. (supra), held that, if the […]
Ghatkesar Farmers Service Cooperative Society Limited Vs ITO (ITAT Hyderabad) ITAT held that assessee being a primary agricultural co-operative society invested the own surplus funds with the Union Bank of India and, therefore, the assessee is entitled to claim the deduction under section 80P(2)(a)(i) of the Act. It could be seen from the name of […]
Provision of Section 80P(2)(d) of the Act does not make any distinction in regard to source of the investment because this Section envisages deduction in respect of any income derived by co-operative society from any investment with a co-operative society.
