Income-tax Act, 1961
Section - 80P - Deduction in respect of income of co-operative societies
Deduction in respect of income of co-operative societies.80P. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee.(2) The sums referred to in sub-section (1) shall be the following, namely :-
| (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) | - | .... To read the full section download the app from Google Play store
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