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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
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