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...
Poothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) The question which is pending for adjudication before the appellate authority is whether the petitioners who are co-operative Societies are entitled for deduction under Section 80 (P) of the Income Tax Act. The Assessing Officer has denied the benefit of Section 80 (P) of the […]
The Mavilayi Service Coop Bank Ltd Vs. CIT (Supreme Court of India) Limited object of section 80P(4) is to exclude co-operative banks that function at par with other commercial banks i.e. which lend money to members of the public. Thus, if the Banking Regulation Act, 1949 is now to be seen, what is clear from […]
Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) Only issue before the Tribunal is whether the interest income earned by the assessee firm from the deposits in the Savings Bank is eligible for deduction u/s 80P(2) of the I.T. Act. The AO and the CIT (A) have relied upon the decision of the Hon’ble Supreme […]
On the aspect of delay, genuine hardship would have to be considered before condoning the delay and discretion has to be exercised in genuine cases of hardship and accordingly, exercising his discretion, learned single Judge held that application seeking condonation of delay in filing the returns has to be reconsidered.
Ryatara Seva Sahakari Sangha Niyamita Vs ITO (ITAT Bangalore) The assessee did not file an appeal before the first appellate authority within the time limit prescribed, on the bonafide belief that the demand that has arisen on account of disallowance of claim u/s 80P of the I.T.Act would not be enforced and shall be kept […]
Daee Coop T&C Society Vs ACIT (ITAT Chennai) There is no dispute with regard to the fact that the assessee is a credit co-operative society registered under the TamilNadu Cooperative Societies Act, 1983. It is also not in dispute that the assessee is engaged in the business of providing credit facilities to its members. The […]
The issue under consideration is whether the interest received by the assessee from the Cooperative Bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act?
Kechery Service Co-operative Bank Limited Vs ITO (ITAT Cochin) In the instant case, the Assessing Officer had denied the claim of deduction u/s 80P of the I.T.Act for the reason that assessee was essentially doing the business of banking and disbursement of agricultural loans by the assessee was only minuscule. Therefore, the Assessing Officer concluded […]
The issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producers’ Federation (KMF)?
1. Interest earned from investment in Co-operative & other banks: It is known fact that socities are earning interest income from investments such as F.D., etc. with co-operative & other banks. In the computation of total income, the assessee wrongly claim the said interest income as deduction u/s. 80P(2)(d) of the Income tax Act, 1961.
