TaxTMI 
TaxTMI 
Deduction in respect of income of co-operative societies
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....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 supplying them to its members,] the whole of the amount of profits and gains of ....
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....table 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 derived by the co-operative society from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities, the whole of such income; (f) in the case of a co-....
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....ction 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 having its area of operation confined to a taluk and the principal object of which is to provide for long-term credit for agricultural and rural development activities.] **************** NOTES:- 1. Inserted vide Third Schedule of the F....
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.... 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 before it was read as, "twenty" 10. Omitted vide Section 27 of the Finance Act, 1988 w.e.f. 01-04-1989 before it was read as, "chargeable under section 18" 11. Omitted vide Section 24 of the Taxation Laws (Amendment) Act, 1975 w.e.f. 01-04-1976 before it was read as, "section 80H or" 12. Inserted vide Section 11 of the D....
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.... 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. Inserted vide Section 57 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 28. Inserted vide Section 25 of the Finance Act, 1981 w.e.f. 01-04-1981 29. Inserted vide Section 18 of the Finance Act, 1993 w.e.f. 01-04-1991 30. Substituted vide Section 36 of the Finance Act, 1985 w.e.f. 01-04-1986 before it was read as, "section 80J and section 80JJ" Earlier, Substituted vide....