Hi friends, As per Sec.139 every person whose total income exceeds the exempted limit is bound to file return. Total income is to be computed without effecting exemption as per Chapter VIA. In the case of Co-operative societies "total income" is to be computed after deduction under sec.80(P). Is not this a contradiction. Unlike Individuals, AOP and BOI which has an exemption limit of Rs.1,80000- (2012-13) no such limit was prescribed for co-operatives societies. As a result all co-operative societies are to file IT return as per sec.139 even if there is a total income of Re.1- without affecting deductions.. Am I not correct.
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Filing of income tax return by co-operatives societies
Replies (2)
Yes Sir,
You are absolutely correct.
Since there is no threshhold limit for taxabiity of income in case of co-operative society, hence it have to file return, if it has any taxable income.
As the tax structure of "artificial juristic person", AOP and BOI are entirely different that of co-operative societies the later are not "PERSON" as definition u/s 2(31). So is it mandatory for these entities to file income tax return as per sec. 139?
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