Hi friends, As per Sec.139 every person whose total income exceeds the exempted limit is bound to file return. Total income is to be computed without effecting exemption as per Chapter VIA. In the case of Co-operative societies "total income" is to be computed after deduction under sec.80(P). Is not this a contradiction. Unlike Individuals, AOP and BOI which has an exemption limit of Rs.1,80000- (2012-13) no such limit was prescribed for co-operatives societies. As a result all co-operative societies are to file IT return as per sec.139 even if there is a total income of Re.1- without affecting deductions.. Am I not correct.
Filing of income tax return by co-operatives societies
Radhakrishnan K.V. (Joint Registrar of Co-operative Societies (Rtd.)) (1072 Points)
14 December 2012