Whether dedution under section 80P is available to the Urban Co-Operative Banks from the A.Y.2007-08 onwards?.
Satheesh V (ARTICLED CLERK) (24 Points)
22 September 2011Whether dedution under section 80P is available to the Urban Co-Operative Banks from the A.Y.2007-08 onwards?.
CS Bijoy
(Expert)
(6394 Points)
Replied 01 October 2011
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
CS Bijoy
(Expert)
(6394 Points)
Replied 01 October 2011
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
kamal khilwani
(AUDIT ASSISTANT)
(26 Points)
Replied 07 June 2012
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......???
Rishabh Kanungo
(student)
(21 Points)
Replied 18 November 2012
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
Kailash Chandra Baheti
(Proprietor)
(37 Points)
Replied 24 November 2016
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?
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