Co-operative society deductions: specified business income, investment returns, warehouse income, and limited tax relief conditions Deduction is available to a co-operative society in respect of specified categories of income, including profits from certain member-oriented business activities, income from investments with other co-operative societies, income from godowns or warehouses, and, in limited cases, interest on securities and income from house property. The provision also imposes conditions for labour and fishing societies, requires reduction of any other allowable deduction for the same income, excludes most co-operative banks, and defines key expressions for applying the deduction.
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Provisions expressly mentioned in the judgment/order text.
Co-operative society deductions: specified business income, investment returns, warehouse income, and limited tax relief conditions
Deduction is available to a co-operative society in respect of specified categories of income, including profits from certain member-oriented business activities, income from investments with other co-operative societies, income from godowns or warehouses, and, in limited cases, interest on securities and income from house property. The provision also imposes conditions for labour and fishing societies, requires reduction of any other allowable deduction for the same income, excludes most co-operative banks, and defines key expressions for applying the deduction.
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