Cooperative Societies Gain Tax Relief Under New Income Tax Bill's Expanded Deduction Framework for Community-Driven Economic Development
The text analyzes Clause 149 of the Income Tax Bill, 2025, which provides tax deductions for cooperative societies. The provision updates Section 80P of the Income-tax Act, 1961, maintaining similar objectives of promoting cooperative sectors like agriculture, rural finance, and community development. The clause offers targeted tax relief for specific cooperative activities, with detailed eligibility criteria, deduction scopes, and restrictions, aiming to support genuine cooperative societies while preventing potential misuse of tax benefits.