80p
This query is : Resolved
15 January 2013
IS section 80p applicable to a credit co-operative society.If yes what is the amount of deduction available?
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.
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