05 February 2010
In case of a co-operative society providing credit facility to its members, the whole of the profits and gains from such business are deductible. However, from assessment year 2007-08, deduction u/s 80P will not be available to any co-operative bank.A primary agricultural credit society and rural development bank will continue to claim benefit of deduction u/s 80P. Regards, CA Shakuntala Chhangani
CAclubindia
