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Co-operative society engaged in a cottage industry--Deduction under section 80P(2)(a)(ii) of the Income-tax Act--Clarification regarding
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....995 Under section 80P(2)(a)(ii), a co-operative society engaged in a cottage industry is eligible for deduction of the whole of the amount of profits and gains of business attributable to cottage industry. 2. The Board has received representations from a large number of weavers' co-operative societies that deduction under section 80P(2)(a)(ii) has been denied to them merely because some paym....
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.... activities should be carried on by the members of the society and their families. For this purpose, a family would include self, spouse, parents, children, spouses of children and any other relative who customarily lives with such a member. Outsiders (i.e., persons other than members and their families) should not work for the society. In other words, the co-operative society should not engage ou....