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of <h1>Section 81 removed: repeal of income-tax exemptions for various co-operative societies and specified income categories</h1> Section 81, formerly providing income-tax exemptions for co-operative societies, has been omitted. Previously, specified classes of co-operative societies (banking/credit, cottage industry, agricultural marketing, supply of agricultural inputs, non-powered processing of members' produce, and primary milk-supply societies) were exempt on profits and gains from their qualifying activities, subject to limits and exclusions for mixed activities; other co-operatives enjoyed exemption up to a monetary threshold. Exemptions also covered certain interest, dividends, and income from letting storage/marketing premises, with exceptions for housing, urban consumer, transport, powered manufacturing societies, and insurance business.
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