Taxation of Co Operative Society

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ranjit shitole (Querist)
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30 September 2024 Hello Sir, I have a question regarding ITR filling of Primary agriculture credit co op society as this societies are audited under maharashtra co operative societies act then what is due date for their ITR filling and tax audit is applicable to them or not and if applicable how their turnover calculated for tax audit purpose as profit loss statement include Interest as revenue.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 December 2024 ITR Filing Due Date: October 31.
Tax Audit Requirement: Applicable if turnover exceeds ₹1 crore.
Turnover Calculation: Includes interest income and all business-related revenues.
This structure ensures compliance with both the Income Tax Act and the Maharashtra Cooperative Societies Act while addressing the unique operational aspects of PACS.