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chandni

chandni (Querist)
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31 May 2012 anyone can help me ...........?????????
what is the difference between section 80P(2)(C)AND 80P(2)(F)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 May 2012 80P(2)(c) is Applicable to the Societies engaged in the activities other than or in addition to the activities specified in clause (a) and clause (b)
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Such other Activities have directly not mentioned in this clause.
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We have to infer the same from clause(f).
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In clause (f) of Section 80P(2), certain types of Societies have been specifically excluded.
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To such Excluded Societies clause (c) may apply but clause (f) will not apply.
These are like Housing Society, Urban Consumers Society, Transporters' Society etc.
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Such Specified Societies are covered under clause (c).
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I may say that clause (f) will apply to only residual or remaining type of societies having Gross Total Income not exceeding Rs 20000/.
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To such societies, which are having income
<=20000/- deduction is allowable to the extent of the amount of -
Interest on Securities or/and
Income from House Property.
The said deduction will not be allowed to
such clause (f) societies, which are having
GTI exceeding Rs. 20000/-
.

In clause (c) deduction may be allowed of Rs. 100000/- or 50000/- from the profits
of the business activities of the society.
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