Finology
Finology

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


An overview of Section 80P:-

Following income are available for deduction to Co-operative societies

A. Income from Banking Business:- In Case of a cooperative society providing credit facilities to its members, the whole of the amount of profit and gain from such business are deductible. However deduction u/s 80 P is not available to any cooperative bank from A.Y. 2007-08. But primary agriculture credit society or a primary co-operative agriculture and rural development bank will continue to claim the benefit of deduction u/s 80P

B. Income from cottage industry:- Any cooperative society engaged in the business of cottage industry, the whole amount of profit or gain earned from the said business is eligible for deduction u/s 80P

C. Income from marketing & Processing of agriculture produce:- Any cooperative society engaged in the business of marketing & Processing of agriculture produce, the whole amount of profit or gain earned from the said business is eligible for deduction u/s 80P

D. Income from collective disposal of labour:- any income from the activity of collective disposal of the labour of its members is deductible u/s 80P

E. Income from Fishing & allied activities :- any income from fishing & allied activity is deductible u/s 80P

F. Income from supply of milk, oil seeds, fruits etc.:- whole amount of income of a cooperative society from activity of supply of milk, oil seeds, fruits etc. is deductible u/s 80P on fulfillment of certain conditions.

G. Income from other activities:- in case of other activities following amount deductible u/s 80P

a.       In case of consumer cooperative society       Rs. 100000

b.      In any other case                                             Rs. 50000

H. Income from interest & dividend from investment in other cooperative society

I. Income from Letting of godowns for storage, processing or facilitating of marketing of commodities

J. Income from interest on securities/ property income on certain restrictions


Published by

CA J KUMAR
(pro)
Category Income Tax   Report

1 Likes   186 Shares   77793 Views

Comments


Follow


Popular Articles




Follow taxation Exam20 Book Book Book caclubindia books


CCI Articles

submit article

Stay updated with latest Articles!




update