80p
This query is : Resolved
Akil Hussain
(Querist)
15 January 2013
IS section 80p applicable to a credit co-operative society.If yes what is the amount of deduction available?
Radhakrishnan K.V.
(Expert)
15 January 2013
As per sec.80(P)(2)(a)all income from Banking and credit facilities provided to members are fully exempted from Income tax. This benefit is not available for co-operative banks i.e. urban banks,District co-operative banks and State co-operative banks.[section 80(P)(4)].
Income from other activities are exempted upto Rs.50000/-.
Recent court verdicts and orders of ITATs have made it clear that the Income tax authorities should not deny these benefit to these societies by classifying them as co-operative banks.
Income from other activities are exempted upto Rs.50000/-.
Recent court verdicts and orders of ITATs have made it clear that the Income tax authorities should not deny these benefit to these societies by classifying them as co-operative banks.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
