TaxTMI 
TaxTMI 
Deduction in respect of income of Co-Operative Societies - Section 80P
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....* 100% of the profits, included in Gross Total Income, attributable to any one or more of the following activities are deductible: * Carrying on the business of providing credit facilities to its members. The exemption shall not be available to a co-operative bank. * A cottage industry; or * The marketing of the agricultural produce grown by its members; or * The purchase of agricultural i....
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....eir labour or, as the case may be, carry on the fishing or allied activities; * The co-operative credit societies which provide financial assistance to the society; * The state Government. Profits of certain primary co-operative societies 100% of the profits, included in Gross Total income are deductible in the case of a co-operative society, being a primary society engaged in supplying mil....
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....tible 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. B. Where deduction is allowed to limited extent. 1. For other incomes except referred to in I to IV above, there is a general deductions from income as under from the Gross Total Income: * Where such co-operative soc....