Deduction for cooperative societies' banking profits when income arises from providing credit or banking to members.

Deduction for profits of a primary co-operative society is allowed to the extent those profits are derived from providing banking or credit facilities to its members. "Primary co-operative society" includes a primary agricultural credit society and a primary co-operative agricultural and rural development bank whose operations are confined to a taluk and which is mainly engaged in providing long term credit for agricultural and rural development.

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