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...
Understand the tax implications of interest on securities and income from house property for co-operative societies. Learn about Section 80P(2)(f) deduction and eligibility criteria.
Section 80P(2)(a)(i) Deduction is allowable when interest is derived from credit provided to its members by co-operative credit societies
Interest income earned by assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of Act.
ITAT Bangalore remits Amasebail’s Sec. 80P claim to AO based on delay condonation application. Key considerations for deduction eligibility discussed.
Sahyadri Vividdhodesha Areca Vs ITO (ITAT Bangalore) Held that object of section 80P(4) was to exclude cooperative banks that function at par with other commercial banks and noted that as primary agricultural credit societies are not entitled for obtaining a banking license would not be hit by this provision. Facts- Assessee is a society registered […]
Assessee, being co-operative society, is out of the provisions of section 80P(4) and eligible for deduction under section 80P(2)(a)(i)
ITAT held that that section 80A(5) of the Act is applicable only when a return of income is filed by an assessee and a deduction under Chapter VI A of the Act, is not claimed in such return of income. It will not apply to a case where no return of income is filed.
Assessee was neither entitled to deduction under section 80P(2Xd) nor under section 80P(2)(a)(i) in respect of interest income earned from investments with Cooperative Banks such interest income was to be assessed as income from other sources.
Indian Bank Employees Cooperative Credit Society Limited Vs ITO (ITAT Mumbai) Brief facts are that the assessee is The Indian Bank Employees Cooperative Credit Society Limited. On perusal of the profit and loss account and the computation of income, the Assessing Officer observed that the assessee has offered net income from business and profession at […]
ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin) The CIT(A) had held rental income received by the assessee was not entitled to deduction u/s 80P(2) of the I.T.Act. The relevant finding of the CIT(A) reads as follows:- “The appellant derived rental income amounting to Rs.24,400/- in A.Y. 2007-08, Rs.21,950/- in A.Y. 2008-09, Rs.16,700/- in […]
