80P
This query is : Resolved
17 November 2010
a credit co operative soceity can claim a deduction under section 80p (2)
17 November 2010
https://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942
https://taxguru.in/income-tax-case-laws/co-operative-bank-entitled-to-deduction-us-80p2ai-on-amount-of-interest-received-us-244a-on-income-tax-refund.html
Please see above links.
https://taxguru.in/income-tax-case-laws/co-operative-bank-entitled-to-deduction-us-80p2ai-on-amount-of-interest-received-us-244a-on-income-tax-refund.html
Please see above links.
22 November 2010
In my openion the answer is affermative.
22 November 2010
I differ the experts.
IF the Credit co operative society is not
a)Primary agricultural credit society or
b)a primary co-operative agricultural and rural development bank.
effectively from 01.04.2007 inserted by Finance act 2006, the deduction U/s 80P is not allowed to any co operative society, other than a & b above.Sec 80P(4)
FYI
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=a2db6c77-dc1f-4544-8019-d19e27257bdf&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=80p&sch=&title=Taxmann - Direct Tax Laws
@Sanjay
https://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942
the case was decided recently, but the asst year was 1989-90. So does not apply now, As there was an amendment in the IT Act in 2007
And the second case was relating to whether the interest income was deductable U/s 80P.
In my opinion, if the cooperative is not Primary agricultural credit society orprimary co-operative agricultural and rural development bank, you would not be eligible for dedcution under this section.
IF the Credit co operative society is not
a)Primary agricultural credit society or
b)a primary co-operative agricultural and rural development bank.
effectively from 01.04.2007 inserted by Finance act 2006, the deduction U/s 80P is not allowed to any co operative society, other than a & b above.Sec 80P(4)
FYI
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=a2db6c77-dc1f-4544-8019-d19e27257bdf&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=80p&sch=&title=Taxmann - Direct Tax Laws
@Sanjay
https://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942
the case was decided recently, but the asst year was 1989-90. So does not apply now, As there was an amendment in the IT Act in 2007
And the second case was relating to whether the interest income was deductable U/s 80P.
In my opinion, if the cooperative is not Primary agricultural credit society orprimary co-operative agricultural and rural development bank, you would not be eligible for dedcution under this section.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Invertaded duty struture
- CREDIT NOTES WITHOUT GST
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
