Premium paid by a federal milk society on life of cattle - (New) Section 30(b) / (Old) Section 36(1)(ia)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e on the life of the cattle owned by a member of a co-operative society; allowed as deduction while computing the Income Chargeable under section 26. [ Section 30(b) ] Who can claim the deduction? • A federal milk co-operative society (i.e., a higher-tier cooperative that aggregates milk from smaller societies). What kind of payment is allowed? • Premium p....