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TMI BlogDeduction in respect of income of co-operative societies.X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with and subject to the provisions of this section, be allowed as deduction in computing the total income of such assessee. (2) The sums referred to in sub-section (1) shall be the following:- (a) in the case of a co-operative society engaged in- (i) carrying on the business of banking or providing credit facilities to its members; or (ii) a cottage industry; or (iii) the marke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... engaged in supplying milk, oilseeds, fruits, or vegetables raised or grown by its members to-- (i) a federal co-operative society, engaged in the business of supplying milk, oilseeds, fruits or vegetables; or (ii) the Government or a local authority; or (iii) a Government company, as defined in section 2(45) of the Companies Act, 2013 (18 of 2013), or a corporation established by or under a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of any income by derived by the co-operative society from the letting of godowns or warehouses for storage, processing, or facilitating the marketing of commodities, the whole of such income; (f) in the case of a co-operative society, not being-- (i) a housing society; or (ii) an urban consumers' society (being a society for the benefit of the consumers within the limits of a munici ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... co-operative credit societies which provide financial assistance to the society; or (iii) the State Government. (4) The deduction under sub-section (1) in relation to the sums specified in sub-section (2)(a)or (b) or (c) or sub-section (3), shall be allowed with reference to the income referred to in those sub-sections included in the gross total income after reducing the deduction under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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