TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Manuals
of of All Manuals
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Tax Act Section 80P: Deductions for Co-op Societies, Excluding Banks, on Profits from Specific Activities and Investments.</h1> Section 80P of the Income Tax Act provides deductions for co-operative societies, specifically primary agricultural credit societies or primary co-operative agricultural and rural development banks. These deductions include 100% of profits from activities such as providing credit facilities to members, cottage industries, marketing agricultural produce, and fishing activities, among others. Certain conditions apply, such as restrictions on voting rights for specific member classes. Deductions are also available for income from investments with other co-operative societies and income from letting godowns or warehouses. Co-operative banks are excluded from these benefits, aligning them with commercial banks. Recent circulars address condonation of delays in filing returns claiming these deductions.
TaxTMI 
TaxTMI 
