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

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