Income-tax Act, 1961

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
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