80P
This query is : Resolved
17 November 2010
a credit co operative soceity can claim a deduction under section 80p (2)
17 November 2010
http://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942
http://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.
http://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.
22 November 2010
In my openion the answer is affermative.
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
http://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
http://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
http://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
http://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.
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