Co - Operative societies
This query is : Resolved
13 February 2008
Whether Income of co - operative society registered under Tamilnadu government is exempt under Income tax act according to sec 10(23c) subject to limit of 1 Crore.
However Sec 10(23c)(iv) donot specifically say about co - operatives but it just say "any other fund or institution established for charitable purpose" does it means it includes Co-operative society? Or there are separate provisions for Co- operative society Plz help.
However Sec 10(23c)(iv) donot specifically say about co - operatives but it just say "any other fund or institution established for charitable purpose" does it means it includes Co-operative society? Or there are separate provisions for Co- operative society Plz help.
S.Srinivasaraghavan
(Expert)
13 February 2008
Income from co-operative societies are eligible for deductions u/s 80P
S.Srinivasaraghavan
(Expert)
07 March 2008
There is no bar on the constitution of the institution for 10(23C). It has to be approved by prescribed authority.
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