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DEDUCTION IN RESPECT OF INCOME OF CO-OPERATIVE SOCIETIES SECTION- 80P

Income Tax - Exemptions and Deductions - 19 - TAXATION OF CO-OPERATIVE SOCIETIES UNDER SECTION 80P AND WHERE 100% DEDUCTION IS ALLOWED 100% of the profits, included in Gross Total Income, attributable to any one or more of the following activities are deductible: Carrying on the business of providing credit facilities to its members. The exemption shall not be available to a co-operative bank. A cottage industry; or The marketing of the agricultural produce grown by its members; or The purchase .....

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s members. KEY NOTE: In case of co-operative societies falling under clause (vi) & (vii) above, the deduction, is available subject to the condition that the rules and bye-laws of the society restrict the voting rights to the following classes of its members, namely: The individuals who contribute their labour or, as the case may be, carry on the fishing or allied activities; The co-operative credit societies which provide financial assistance to the society; The state Government. Profits of .....

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