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Taxation of District Co-operative Banks

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24 October 2010 The Finance Act, 2006 amended s. 80P whereby the Co-operative banks were not eligible for deduction. My query is that whether co-operative banks may be treated as primary agricultural societies/ rural development bank to claim deduction u/s 80P as they lend money to their members who are agriculturists and also carrying out the activites of development in the rural areas.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
25 October 2010 What were the objetives to establist the co-operative banks. only giving the loan to their members for agriculture purpose is not enough to get 80P.
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