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Report No. 12

82. Co-operative society.-

(1) Income-tax shall not be payable by a co-operative society, including a co-operative society carrying on the business of banking,-

(i) in respect of profits and gains of business carried on by it;

(ii) in respect of interest and dividends derived from its investments with any other co-operative society;

(iii) in respect of any income derived from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities;

(iv) in respect of any interest on securities chargeable under section 18[8] or any income from property chargeable under section 22[9], where the total income of such society does not exceed twenty thousand rupees and the society is not a housing society or an urban consumer's society or a society carrying on transport business.

[Section 14(3), main para.]

(2) For the purposes of this section an "urban consumers' co-operative society" means a society for the benefit of consumers within the limits of a municipal corporation, municipality, municipal committee, notified area committee, town area or cantonment.

[Section 14(3), Expin.]

(3) The provisions of sub-section (1) shall not apply to-

(i) the Sanikatta Saltowners' Society ;

(ii) a co-operative society carrying on insurance business in respect of the profits and gains of that business computed in accordance with section 44 [Rule 9 of the Schedule].

[Section 14(3), proviso]

Income-Tax Act, 1922 Back

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