Formation, Management and Taxation of Co-Operative Society Covering Cooperative Banks Under Direct Tax Laws

by Ram Dutt Sharma

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CONTENTS

Chapter 1—Introduction	1–10
Chapter 2—Co-operative Movement in India	11–30
Chapter 3—Laws that Regulate Co-operative Societies in India	31-33
Chapter 4—Co-opeative Societies – Constitutional Provisions	34-36
Chapter 5—Who can Form a Co-operative Society	37-40
Chapter 6—Who can Become Members of a Co-operative Society	41-44
Chapter 7—Rights, Duties and Liabilities of Members of a Co-operative Society	45-48
Chapter 8—Procedure for Registration of Co-operative Society	49-57
Chapter 9—Types of Co-operative Society	58-59
Chapter 10—Primary Agricultural Credit Societies	60-67
Chapter 11—Agricultural Co-operative Marketing Societies	68-79
Chapter 12—Co-opeative Housing Societies	80-98
Chapter 13—Consumer Co-operative Societies	99-102
Chapter 14—Manufacturing Co-operative Societies	103-105
Chapter 15—Resident Welfare Association (RWA) or Apartment Owners’ Association	106-115
Chapter 16—Amendment of the Bye-laws of a Co-operative Society	116-118
Chapter 17—Dissolution of Co-operative Societies	119-121
Chapter 18—Status of Co-operative Society	122-124
Chapter 19—Exemptions to Co-operative Societies	125-127
Chapter 20—Fund Raising for Co-operative Societies	128-129
Chapter 21—Incomes of Co-operative Societies	130-137
Chapter 22—Deduction in Respect of Income of Co-operative Societies	138-147
Chapter 23—Deductions Provided to Various Co-operative Societies	148-151
Chapter 24—Deduction Provided to Profits Attributable to Certain Specified Activities	152-161
Chapter 25—Deduction Provided to a Cottage Industry	162-176
Chapter 26—Deduction Provided to Marketing of the Agricultural Produce Grown by its Members	177-192
Chapter 27—Deduction Provided to Purchase of Agricultural Implements, Seeds,Livestock or Other Articles Intended for Agricultural for the Purpose of Supplying them to its Members	193-207
Chapter 28—Deduction Provided to Processing of the Agricultural Produce (Without the Aid of Power) of its Members	208-209
Chapter 29—Deduction Provided to Collective Disposal of the Labour of its Members	210-219
Chapter 30—Deduction Provided to Fishing and Allied Activities	220-222
Chapter 31—Deduction Provided to Profits of Certain Primary Co-Operative Societies Engaged in Supply of Milk, Oil Seeds, Fruits, etc	223-229
Chapter 32— Deduction Provided to General Deduction to Co-operative Societies For Incomes other than Specified in clause (a) or clause (b)	230-247
Chapter 33—Deduction Provided to Income from Investment with Other Co-operative Societies	248-258
Chapter 34—Income from Letting of ―Godowns or Warehouses‖	259-264
Chapter 35—Interest on Securities or Income from House Property in case of a Co-operative Society	265-269
Chapter 36— Computation of Deduction	270
Chapter 37—Provisions of Section 80P not Apply	271-277
Chapter 38—Concessional Rate of Tax on Income of Certain Resident Co-operatives Societies	278-284
Chapter 39—Concessional Tax Rates for Manufacturing Co-operative Societies	285-289
Chapter 40—Co-operative Banks	290-318
Chapter 41—Computation of total Income of a Co-operative Society	319-328
Chapter 42—Tax Rate for a Co-operative Society	329-330
Chapter 43—Filing of Return & Due Date & PAN/TAN	331-334
Chapter 44—Maintenance of Books of Accounts – Co-operative Society	335-340
Chapter 45—Audit of Accounts of Co-operative Society	341-347
Chapter 46—Set-off & Carry Forward of Losses	348-351
Chapter 47—Comply with all the TDS Provisions	352-363
Chapter 48—Penalties	364-375
Chapter 49—Prosecution	376-378
Chapter 50—Co-operative Societies & Principle of Mutuality	379-384
Chapter 51—Applicability of Section 14A	385-392
Chapter 52—Allowability of Deduction under Section 37	393-396
Chapter 53—Reassessment Proceedings – Co-operative Society	397-400
Chapter 54—Rectification of Mistakes	401-402
Chapter 55—Releif to Sugar Co-operatives from Past Demand	403-404
Chapter 56—Applicability of Section 263	405-409
Chapter 57—Applicability of CGST (Central Goods and Services Tax)	410-411
Chapter 58—The Co-operative Societies Act, 1912 (Act No. 2 of 1912)	412-429
Chapter 59—The Multi-State Co-operative Societies Act, 2002	430-500
Chapter 60—The Multi-State Co-operative Societies Rules, 2002	501-549
Chapter 61—Relevant Extract of Constitution of India Relating to Co-operative Societies	550-555
Chapter 62—Draft of Bye-laws of National Level Co-operative Society/Federal	556-580

About the Author

Ram Dutt Sharma

Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got his post-graduation from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983 and retired as Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at NADT Regional Campus, Chandigarh & Bhopal. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.

He is recipient of first-ever Finance Minister's Award 2017, the Income Tax Departments highest honour for sustained devotion, commitment to duty & promoting excellence in the field of Direct Taxation at National Level. The Hon'ble Union Finance Minister, Shri ArunJaitley conferred this Finance Ministers Award for Excellence for his meritorious services at VigyanBhawan, New Delhi on 24.07.2017.

Awarded by Hon'ble Member (Revenue& TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter Miscellaneous Orders in Let Us Share A compilation of Best Practices & Orders Vol. VIII released on 31stOctober, 2016.

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