Co-operative society

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Astaf Mansuri (Querist)
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15 August 2011 dear all
i am receiving the different openion regarding following question.

whether co operative society is mandatoraly required to file e-return in case of audit followed by Digital Signature?

i got mixed opinion.

CA Manish Agrawal

CA Manish Agrawal (Expert)
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16 August 2011 there will be always a debate of ITR-7 v/s ITR-5 . If your PAN is containing fourth character as 'T' than you will be regarded as a Trust from Income Tax Point of View. But Co-Operative Societies are not Meant for Charity but they are having Profit Motive. Therefore, they should be Treated as AOP/BOI and ITR-5 Should be e-Filed supported with Digital Signature of Person responsible of deducting Tax/ President/ Chairman as per resolution passed by the society.

CA SAP DISA DIRM Manish Jogiram Agrawal.