TaxTMI 
TaxTMI 
Deduction in respect of income of co-operative societies
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....ing or providing credit facilities to its members, or (ii) a cottage industry, or ^2[(iii) the marketing of agricultural produce grown by its members, or] (iv) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or (v) the processing, without the aid of power, of the agricultural produce of its members, ^3[or] ^4[(vi) the collective disposal of the labour of its members, or (vii) fishing or allied activities, that is to say, the catching, curing, processing, preserving, storing or marketing of fish or the purchase of materials and equipment in connection therewith for the purpose of su....
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....d in clause (a) or clause (b) (either independently of, or in addition to, all or any of the activities so specified), so much of its profits and gains attributable to such activities as ^7[does not exceed,- (i) where such co-operative society is a consumers' co-operative society, ^8[one hundred] thousand rupees; and (ii) in any other case, ^9[fifty] thousand rupees. Explanation.-In this clause, "consumers' co-operative society" means a society for the benefit of the consumers;] (d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income; (e) in respect of any income der....
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....under ^22[****] ^23[section 80HH,] ^24[section 80HHA,] ^25[section 80HHB,] ^26[section 80HHC,] ^27[section 80HHD,] ^28[section 80-I,] ^29[section 80-IA,] ^30[^31[section 80J^[32] and section 80JJ]].] ^33[(4) The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. Explanation.-For the purposes of this sub-section,- (a) "co-operative bank" and "primary agricultural credit society" shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949); (b) "primary co-operative agricultural and rural development bank" means a society hav....
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....f the Finance Act, 1978 w.e.f. 01-04-1979 before it was read as, "(b) in the case of a co-operative society, being a primary society engaged in supplying milk raised by its members to a federal milk co-operative society, the whole of the amount of profits and gains of such business ;" 7. Substituted vide Section 14 of the Finance Act, 1979 w.e.f. 01-04-1980 before it was read as, "does not exceed twenty thousand rupees" Earlier, Amended vide Section 10 of the Finance Act, 1969 w.e.f. 01-04-1970 8. Substituted vide Section 37 of the Finance (No. 2) Act, 1998 w.e.f. 01-04-1999 before it was read as, "forty" 9. Substituted vide Section 37 of the Finance (No. 2) Act, 1998 w.e.f. 01-04-1999 ....
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....f. 01-04-1990 21. Omitted vide Section 39 of the Finance Act, 1983 w.e.f. 01-04-1984 before it was read as, "or section 80JJA" Earlier, Inserted vide Section 22 of the Finance Act, 1979 w.e.f. 01-04-1980 22. Omitted vide Section 24 of the Taxation Laws (Amendment) Act, 1975 w.e.f. 01-04-1976 before it was read as, "section 80H," 23. Inserted vide Section 11 of the Direct Taxes (Amendment) Act, 1974 w.e.f. 01-04-1974 24. Inserted vide Section 29 of the Finance (No. 2) Act, 1977 w.e.f. 01-04-1978 25. Inserted vide Section 32 of the Finance Act, 1982 w.e.f. 01-04-1983 26. Inserted vide Section 39 of the Finance Act, 1983 w.e.f. 01-04-1983 27. In....