Section 80p of it ac

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CS RAJESH C.CHOUDHARY (Querist)
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22 November 2011
Hello,

Please guide me whether profit earned on constrction activity by a co-operative housing society ( construction for allotment and finance of loan to the members of the society) will be taxable or not to the society ? deduction u/s 80P is alowed for such profit.?
THANKS IN ADVANCE.

Gayathri Devi

Gayathri Devi (Expert)
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22 November 2011 A Co-operative society qualifies for a general deduction of Rs. 50,000 under section 80 P (2) (c) against any business income.

The income tax slab for societies is as follows:

Income up to Rs. 10,000 10 %
Income up to Rs. 20,000 20 %
Above Rs. 20,000/- 30 %

The applicable Education and Higher Education Cess would have to be added to this.

CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Querist)
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23 November 2011 Thanks mam.

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CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Querist)
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