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TMI BlogDeduction in respect of income of Co-Operative Societies - Section 80PX X X X Extracts X X X X X X X X Extracts X X X X ..... wed. 100% of the profits, included in Gross Total Income, attributable to any one or more of the following activities are deductible: Carrying on the business of providing credit facilities to its members. The exemption shall not be available to a co-operative bank. A cottage industry; or The marketing of the agricultural produce grown by its members; or The purchase of agricultural implements, se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, carry on the fishing or allied activities; The co-operative credit societies which provide financial assistance to the society; The state Government. Profits of certain primary co-operative societies 100% of the profits, included in Gross Total income are deductible in the case of a co-operative society, being a primary society engaged in supplying milk, oil seeds, fruits or vegetables raised o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ety from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities. B. Where deduction is allowed to limited extent. 1. For other incomes except referred to in I to IV above, there is a general deductions from income as under from the Gross Total Income: Where such co-operative society is a consumers co-operative society ₹ 1,00,000. In any othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intention to treat co-operative banks on par with commercial banks who do not enjoy any such tax benefit. Important Notifications Circulars Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 for returns of income claiming deduction u/s 80P of the Act for various assessment years from AY 2018-19 to AY 2022-23 . [ Circular No. 13/2023 Dated 26.07.2023 ] Condonation of delay un ..... X X X X Extracts X X X X X X X X Extracts X X X X
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