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Income Tax - Highlights / Catch Notes

Home Highlights September 2012 Year 2012 This

Assessee-cooperative society carrying on business of banking ...

Income Tax

September 15, 2012

Assessee-cooperative society carrying on business of banking statutorily required to place a part of its funds in approved securities, the income attributable thereto is deductible u/s 80P(2) - SC

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  1. Co-operative society carrying on banking business need not to deduct tax at source u/s 194A in respect of the interest paid to members on deposits - AT

  2. The provisions of Section 80P were made inapplicable in relation to any Co-operative Bank other than the Primary Agriculture Credit Society or Primary Co-operative...

  3. Denial the benefit under Section 80P(2) - The position of these assesses as co-operative societies being clear they cannot be construed as co-operative banks.

  4. Deduction u/s 80P(2)(i) - the assessee is not a recognized bank as per the provision of RBI and there is a difference between the Co-operative bank and in the Credit...

  5. Banking and other Financial services - Appellants contention that being a bank run by co-operative society, they would not be liable to pay Service Tax is not tenable - AT

  6. Co-operative Credit Society is distinct and separate from the Co-operative Bank nor it can be said as a Primary Co-operative Bank within the meaning of Banking...

  7. Denial of deduction claimed u/s 80P (2)(d) - AO disallowed the benefit by invoking the provision of section 154 for rectification of mistake change of opinion - interest...

  8. Deduction u/s 80P - interest income received from parking its surplus funds with Co-operative Bank - interest would be eligible for claim of deduction under section...

  9. Assessee which is a co-operative society carrying on banking business when it pays interest income to a member both on time deposits and on deposits other than time...

  10. Transfer of fund for subsequent distribution to the members before payment of tax is not a 'deductible expenditure' in computation of business income of the Assessee-Co-...

 

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