Applicability of Income Tax to Co-Op Credit Societies
This query is : Resolved
19 August 2007
Friends,
With Section 80 P gone for co operative banks; whether the co-operative credit societies; which are registered with the department of co-operation only and not with the RBI under the Banking Regulation Act; would also be required to pay the Income Tax on the profit they earn.
If yes, apart from the regular deductions; which special deductions can be claimed in respect of such co-operative credit societies?
If, the tax is to be paid, since, most of the co-operative credit societies have finalised their accounts and declared dividends without making any adjustments for payment of tax; where to adjust such tax payment for the F.Y. 2006-2007 since there would be no provision for payment of Income Tax in the audited accounts of such societies.
Urgent reply is expected.
Thanks,
Mahesh
With Section 80 P gone for co operative banks; whether the co-operative credit societies; which are registered with the department of co-operation only and not with the RBI under the Banking Regulation Act; would also be required to pay the Income Tax on the profit they earn.
If yes, apart from the regular deductions; which special deductions can be claimed in respect of such co-operative credit societies?
If, the tax is to be paid, since, most of the co-operative credit societies have finalised their accounts and declared dividends without making any adjustments for payment of tax; where to adjust such tax payment for the F.Y. 2006-2007 since there would be no provision for payment of Income Tax in the audited accounts of such societies.
Urgent reply is expected.
Thanks,
Mahesh
15 November 2007
Hi mahesh
Your question is very simple deduction u/s 90 P has not be withdrawan for credit co-operative society. hence there is no question of any taxation except Fringe Benefit Tax. But you have to ensure that society should not hold any banking license from RBI
and it should not be an agricultural credit society
Your question is very simple deduction u/s 90 P has not be withdrawan for credit co-operative society. hence there is no question of any taxation except Fringe Benefit Tax. But you have to ensure that society should not hold any banking license from RBI
and it should not be an agricultural credit society
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Regime change
- Consolidated financials
- 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
- 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
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
