Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Page of 4805
Press 'Enter' after typing page number.
1201 to 1220 of 96100 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
A co-operative society governed by the Karnataka Co-operative...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income treatment
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
A co-operative society governed by the Karnataka Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i) despite having nominal members, because nominal or associate membership is permitted by the governing statute and deduction cannot be denied on that ground alone. Interest on deposits with Apex Bank and savings account interest linked to statutory or operational banking requirements was treated as eligible for deduction under section 80P, while fixed deposit interest from SBI was directed to be assessed as income from other sources with admissible section 57 deduction for cost of funds and related expenses. A housing co-operative society advancing loans to its members was also held not to be excluded from section 80P.
A co-operative society governed by the Karnataka Co-operative Societies Act was held entitled to deduction under section 80P(2)(a)(i) despite having nominal members, because nominal or associate membership is permitted by the governing statute and deduction cannot be denied on that ground alone. Interest on deposits with Apex Bank and savings account interest linked to statutory or operational banking requirements was treated as eligible for deduction under section 80P, while fixed deposit interest from SBI was directed to be assessed as income from other sources with admissible section 57 deduction for cost of funds and related expenses. A housing co-operative society advancing loans to its members was also held not to be excluded from section 80P.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
