CBDT Condones Delay for AY 2023-24 Returns Claiming Deduction u/s 80P [Read Circular]
The Central Board of Direct Taxes ( CBDT ) has granted condonation of delay for co-operative societies claiming deductions under Section 80P of the...
![Co-operative Societies Eligible for Exemption u/s 80P(2)(d) of Income Tax Act on interest on investments in Co-operative Banks: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Co-operative-Societies-Eligible-for-Exemption-Income-Tax-Act-on-interest-on-investments-in-Co-operative-Banks-ITAT-TAXSCAN.jpg "Co-operative Societies Eligible for Exemption u/s 80P(2)(d) of Income Tax Act on interest on investments in Co-operative Banks: ITAT [Read Order]")
![Interest received by Co-operative Society from Co-operative Bank allowable u/s 80P(2)(d): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Co-operative-Banks-Co-operative-Societies-Banking-Business-RBI-Deduction-ITAT-Income-Tax-Taxscan.jpg "Interest received by Co-operative Society from Co-operative Bank allowable u/s 80P(2)(d): ITAT [Read Order]")
![Distributorship Contracts Alone would not Attract Penalty for Cash Transaction Exceeding Rs. 2 Lakh for Co-operative Societies: CBDT [Read Circular]](https://www.taxscan.in/wp-content/uploads/2022/12/Distributorship-Contracts-Penalty-Cash-Transaction-Co-operative-Societies-CBDT-taxscan.jpg "Distributorship Contracts Alone would not Attract Penalty for Cash Transaction Exceeding Rs. 2 Lakh for Co-operative Societies: CBDT [Read Circular]")
Transfer Charges, Non-Occupancy Charges etc collected by Co-operative Societies from Its Members are Exempt from Income Tax: Supreme Court [Read Judgment]
A two-judge bench of the Supreme Court, on Tuesday, held that the transfer charges, non-occupancy charges and common amenity fund charges and certain other charges, collected by Co-operative Societies...
![Transfer Charges, Non-Occupancy Charges etc collected by Co-operative Societies from Its Members are Exempt from Income Tax: Supreme Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/03/Transfer-Charges-Taxscan.jpg "Transfer Charges, Non-Occupancy Charges etc collected by Co-operative Societies from Its Members are Exempt from Income Tax: Supreme Court [Read Judgment]")
Co-operative Societies cannot use the word “Bank” in their Name, cannot Accept Deposits from Non-Members: RBI
The Reserve bank of India, on Wednesday said that the Co-operative Societies cannot use the word Bank in their names since it is a violation of Section 7 of the Banking Regulation Act, 1949 (As...
Co-Operative Societies Engaged in Banking Business for the Public Not Eligible for Deduction u/s 80P of IT Act: SC [Read Judgment]
A two-judge bench of the supreme Court recently ruled that co-operative societies engaged in banking business for the public not eligible for deduction under section 80P of the Income Tax Act, 1961. ...
![Co-Operative Societies Engaged in Banking Business for the Public Not Eligible for Deduction u/s 80P of IT Act: SC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/08/Supreme-Court-of-India-Taxscan.jpg "Co-Operative Societies Engaged in Banking Business for the Public Not Eligible for Deduction u/s 80P of IT Act: SC [Read Judgment]")
Co-Operative Societies cannot Claim Deduction on Net Interest Income from FDRs with Nationalized Banks: ITAT Ahmedabad
In Shree Modhpatni Co-op Credit Society Ltd. v. DCIT, the ITAT, Ahmedabad held that only net interest income earned by the assessee from FDRs with nationalized banks should be excluded from the claim...
Charging Higher Rate of Interest cannot be a ground for denying Deduction u/s 80P of Income Tax Act: Madras HC [Read Judgment]
The High Court of Madras, in a recent decision, ruled that the Co-operative Societies lending money for non-agricultural purpose are eligible for deduction under section 80P of the Income Tax Act,...
