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TMI BlogDeduction in respect of income of co-operative societiesX X X X Extracts X X X X X X X X Extracts X X X X ..... viding credit facilities to its members, or ( ii ) a cottage industry, or 2 [ ( iii ) the marketing of agricultural produce grown by its members, or ] ( iv ) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or ( v ) the processing, without the aid of power, of the agricultural produce of its members, 3 [ or ] 4 [ ( vi ) the collective disposal of the labour of its members, or ( vii ) fishing or allied activities, that is to say, the catching, curing, processing, preserving, storing or marketing of fish or the purchase of materials and equipment in connection therewith for the purpose of supplying them to its member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or in addition to, all or any of the activities so specified), so much of its profits and gains attributable to such activities as 7 [ does not exceed,- ( i ) where such co-operative society is a consumers' co-operative society, 8 [ one hundred ] thousand rupees; and ( ii ) in any other case, 9 [ fifty ] thousand rupees. Explanation . -In this clause, consumers' co-operative society means a society for the benefit of the consumers;] ( d ) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income; ( e ) in respect of any income derived by the co-operative society from the letting of godown ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 80HH, ] 24 [ section 80HHA, ] 25 [ section 80HHB ,] 26 [ section 80HHC ,] 27 [ section 80HHD, ] 28 [ section 80-I, ] 29 [ section 80-IA,] 30 [ 31 [ section 80J 32 and section 80JJ ]].] 33 [(4) The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. Explanation .-For the purposes of this sub-section,- (a) co-operative bank and primary agricultural credit society shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949); (b) primary co-operative agricultural and rural development bank means a soci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Act, 1975, w.e.f. 1-4-1976. 12. Inserted by the Direct Taxes (Amendment) Act, 1974, w.e.f. 1-4-1974. 13. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1978. 14. Inserted by the Finance Act, 1982, w.e.f. 1-4-1983. 15. Inserted by the Finance Act, 1983, w.e.f. 1-4-1983. 16. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 17. Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981. 18 . Inserted by the Finance Act, 1993, w.r.e.f. 1-4-1991. 19. Section 80J has now been omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1989. 20. Words or section 80JJ omitted by the Finance Act, 1997, w.e.f. 1-4-1998. Earlier the quoted words were inserted by the Finance Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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