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Deduction U/s. 80P to Co-operative Societies

This query is : Resolved 

Income of a co-operative society engaged in certain specific business activities such as providing banking or credit facilities to its members, cottage industry and others...., is fully deductible.
However, the provision of this sction shall not apply to any cooperative bank other than a primary agricultural credit society or a primary cooperative agricultural and rural development bank.
Is benefit of this section available to Cooperative credit society engaged in providing banking or credit facilities to its members?

The exemption will be available only if the banking and credit facilities will be limited to members only. If this facility is provided to everyone then exemption will not be allowed.

Deduction under sec.80(P)is available for any co-operative society engaged in the business of banking or credit facilities to its members other than "co-operative banks". They need not limit banking business to members only.
Please refer cases of Bangalore commercial transport co-operative society, Janakalyan nagari credit co-op.society, Khamano co-operative society, Jayalakshmi mahila credit society,Yesvanthpur credit society, Jana nagari credit co-op.society etc.

Bajaj Finserv

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