Co-operative society income deduction covers specified business, investment and warehousing income, with limited relief for other income.

Deduction is available to a co-operative society where its gross total income includes specified income, subject to exclusions for co-operative banks other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. Full deduction applies to specified business activities, investment income from other co-operative societies, income from letting of godowns or warehouses, and certain primary-society marketing activities. Other income is eligible only up to the prescribed monetary limits, and small co-operative societies may also claim deduction for interest on securities and house property income subject to conditions.

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