Deduction for primary co-operative societies: agricultural profits and capped non agricultural income qualify for tax relief. A deduction is allowed to a person who is a primary co-operative society for the aggregate of profits from agriculture or agriculture-related activities ... Summary
Deduction for primary co-operative societies: agricultural profits and capped non agricultural income qualify for tax relief.
A deduction is allowed to a person who is a primary co-operative society for the aggregate of profits from agriculture or agriculture-related activities and income from other activities only to the extent that such other income does not exceed a prescribed monetary cap. "Agriculture-related activities" include supply of agricultural inputs to members, collective disposal of members' agricultural, dairy or poultry produce, and fishing or allied activities for supply to members. "Primary co-operative society" is defined by voting rights limited to individuals engaged in agriculture or related activities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.