Tax on income of certain resident cooperative societies.

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...., at the option of a person being a co-operative society resident in India, in respect of the total income of such person computed in the following manner:-- (a) without any deduction under- (i) Chapter VIII other than the provisions of section 146; or (ii) sections specified in section 205(1)(a) to (g); (b) without set off of any loss carried forward or depreciation from any earlier tax y....

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....ts contained in sub-section (1) shall be modified to the extent that the deduction under section 147 shall be available to such Unit subject to fulfilment of the conditions contained in the said section. (5) The provisions of this section shall not apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under section 263(1) for furnishing th....