80P
This query is : Resolved
GIREESHA T L
(Querist)
17 November 2010
a credit co operative soceity can claim a deduction under section 80p (2)
17 November 2010
https://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942
https://taxguru.in/income-tax-case-laws/co-operative-bank-entitled-to-deduction-us-80p2ai-on-amount-of-interest-received-us-244a-on-income-tax-refund.html
Please see above links.
https://taxguru.in/income-tax-case-laws/co-operative-bank-entitled-to-deduction-us-80p2ai-on-amount-of-interest-received-us-244a-on-income-tax-refund.html
Please see above links.
NITIN SHARMA
(Expert)
22 November 2010
In my openion the answer is affermative.
CA.Madhusudan B.P.
(Expert)
22 November 2010
I differ the experts.
IF the Credit co operative society is not
a)Primary agricultural credit society or
b)a primary co-operative agricultural and rural development bank.
effectively from 01.04.2007 inserted by Finance act 2006, the deduction U/s 80P is not allowed to any co operative society, other than a & b above.Sec 80P(4)
FYI
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=a2db6c77-dc1f-4544-8019-d19e27257bdf&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=80p&sch=&title=Taxmann - Direct Tax Laws
@Sanjay
https://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942
the case was decided recently, but the asst year was 1989-90. So does not apply now, As there was an amendment in the IT Act in 2007
And the second case was relating to whether the interest income was deductable U/s 80P.
In my opinion, if the cooperative is not Primary agricultural credit society orprimary co-operative agricultural and rural development bank, you would not be eligible for dedcution under this section.
IF the Credit co operative society is not
a)Primary agricultural credit society or
b)a primary co-operative agricultural and rural development bank.
effectively from 01.04.2007 inserted by Finance act 2006, the deduction U/s 80P is not allowed to any co operative society, other than a & b above.Sec 80P(4)
FYI
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=a2db6c77-dc1f-4544-8019-d19e27257bdf&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=80p&sch=&title=Taxmann - Direct Tax Laws
@Sanjay
https://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942
the case was decided recently, but the asst year was 1989-90. So does not apply now, As there was an amendment in the IT Act in 2007
And the second case was relating to whether the interest income was deductable U/s 80P.
In my opinion, if the cooperative is not Primary agricultural credit society orprimary co-operative agricultural and rural development bank, you would not be eligible for dedcution under this section.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- ARCA LOGIN
- Closer of business and itc of capital goods
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Appointment of Auditor By Form ADT-1
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
