Deduction 80P eligibility turns on whether a cooperative society's banking status classifies it as a cooperative bank; AO to verify. A cooperative society carrying on deposit-taking and lending, issuing cheques and providing banking services may fall within the banking business ... Summary
Deduction 80P eligibility turns on whether a cooperative society's banking status classifies it as a cooperative bank; AO to verify.
A cooperative society carrying on deposit-taking and lending, issuing cheques and providing banking services may fall within the banking business definition under the Banking Regulation Act; whether it qualifies as a cooperative bank under that Act-affected by its bye-laws and membership rules-must be determined by fact-specific examination to decide entitlement to the cooperative deduction.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
