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