Taxation of District Co-operative Banks
This query is : Open
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.
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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