Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Filing of income tax return by co-operatives societies

Radhakrishnan K.V. (Joint Registrar of Co-operative Societies (Rtd.)) (1072 Points)

14 December 2012

Hi friends, As per Sec.139 every person whose total income exceeds the exempted limit is bound to file return. Total income is to be computed without effecting exemption as per Chapter VIA. In the case of Co-operative societies "total income" is to be computed after deduction under sec.80(P). Is not this a contradiction. Unlike Individuals, AOP and BOI which has an exemption limit of Rs.1,80000- (2012-13) no such limit was prescribed for co-operatives societies. As a result all co-operative societies are to file IT return as per sec.139 even if there is a total income of Re.1- without affecting deductions.. Am I not correct.

Reply
Follow
Share

2 Replies

CA. Kapil Goel, DISA(ICAI) (cakapilgoel.wordpress.com) (2191 Points)
Replied 18 December 2012

Yes Sir,

You are absolutely correct.

Since there is no threshhold limit for taxabiity of income in case of co-operative society, hence it have to file return, if it has any taxable income.

1 Like

Radhakrishnan K.V. (Joint Registrar of Co-operative Societies (Rtd.)) (1072 Points)
Replied 19 December 2012

As the tax structure of "artificial juristic person", AOP and BOI are entirely different that of co-operative societies the later are not "PERSON" as definition u/s 2(31). So is it mandatory for these entities to file income tax return as per sec. 139?