Deduction under section 80p

In the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee

In the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee

whether a co-operative bank, registered under cooperative society act can take exemption of Rs 50,000 under section 80P of income tax act 1961......???

no deduction shall be allowed to a cooperative bank u/s 80P provided it does not fall in the category of exceptions.

"The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank"-Sub section (4) of 80P

We are running a credit  cooperative society and earning income from Interest on loan from members Rs.800000/- and also we are depositing the surplus fund in form of FDR with cooperative banks and we are earning interest on that FDR Rs.1200000/-, than whether the expenses incurred Rs.1000000/- will be allowed to be deducted or not?