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[Complete Act]
Central Government Act
Section 80P in The Income- Tax Act, 1995
80P. 2 Deduction in respect of income of co- operative societies
(1) Where, in the case of an assessee being a co- operative society, the gross total income includes any income referred to in sub- section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub- section (2), in computing the total income of the assessee.
(2) The sums referred to in sub- section (1) shall be the following, namely:-
(a) in the case of a co- operative society engaged in-
(i) 3 carrying on the business of banking or providing credit facilities to its members, or
(ii) a cottage industry, or
(iii) the marketing of the agricultural produce of its members, or (iv) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or
(v) the processing, without the aid of power, of the agricultural produce of its members 4 or]
1. Omitted by the Finance Act, 1974, w. e. f. 1- 4- 1975.
2. Inserted by the Finance (No. 2) Act, 1967, w. e. f. 1- 4- 1968 in place of section 81 which was simultaneously deleted.
4. Inserted by the Finance (No. 2) Act, 1971, w. e. f. 1- 4- 1972.
Sec. 80P
(vi) 1 the collective disposal of the labour of its members, or
(vii) fishing or allied activities, that is to say, the catching, curing, processing, preserving, storing or marketing of fish or the purchase of materials and equipment in connection therewith for the purpose of supplying them to its members,] the whole of the amount of profits and gains of business attributable to any one or more of such activities: 2 Provided that in the case of a co- operative society falling under sub- clause (vi), or sub- clause (vii), the rules and bye- laws of the society restrict the voting rights to the following classes of its members, namely:-
(1) the individuals who contribute their labour or, as the case may be, carry on the fishing or allied activities;
(2) the co- operative credit societies which provide financial assistance to the society;
(3) the State Government;]
(b) 3 in the case of a co- operative society, being a primary society engaged in supplying milk, oil seeds, fruits or vegetables raised or grown by its members to-
(i) a federal co- operative society, being a society engaged in the business of supplying milk, oilseeds, fruits or vegetables, as the case may be; or
(ii) the Government or a local authority; or
(iii) a Government company as defined in section 617 of the Companies Act, 1956 4 (1 of 1956 ), or a corporation established by or under a Central, State or Provincial Act (being a company or corporation engaged in supplying milk, oilseeds, fruits or vegetables, as the case may be, to the public), the whole of the amount of profits and gains of such business;]
(c) in the case of a co- operative society engaged in activities other than those specified in clause (a) or clause (b) (either independently of, or in addition to, all or any of the activities so
1. Inserted by the Finance (No. 2) Act, 1971, w. e. f. 1- 4- 1972.
2. Ibid.
3. Substituted by the Finance Act, 1983, w. e. f. 1- 4- 1984. Prior to the substitution, clause (b), as substituted by the Finance Act, 1978, w. e. f. 1- 4- 1979, read as under:" (b) In the case of a co- operative society, being a primary society engaged in Supplying milk raised by its members to- (i) a federal milk co- operative society; or (ii) the Government or a local authority; or (iii) a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956 ), or a corporation established by or under a Central, State or Provincial Act (being a company or corporation engaged in supplying milk to the public), the whole of the amount of profits and gains of such busin
specified), so much of its profits and gains attributable to such activities as 1 does not exceed,-
(i) where such co- operative society is a consumers' co- operative society, forty thousand rupees; and
(ii) in any other case, twenty thousand rupees. Explanation.- In this clause," consumers" co- operative society" means a society for the benefit of the consumers;]
(d) in respect of any income by way of interest or dividends derived by the co- operative society from its investments with any other cooperative society, the whole of such income;
(e) in respect of any income derived by the co- operative society from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities, the whole of such income;
(f) in the case of a co- operative society, not being a housing society or an urban consumers' society or a society carrying on transport business or a society engaged in the performance of any manufacturing operations with the aid of power, where the gross total income does not exceed twenty thousand rupees, the amount of any income by way of interest on securities 2 1 or any income from house property chargeable under section 22. Explanation.- For the purposes of this section an" urban consumers' co- operative society" means a society for the benefit of the consumers within the limits of a municipal corporation, municipality, municipal committee, notified area committee, town area or cantonment.
(3) In a case where the assessee is entitled also to the deduction under 3 ] 4 section 80HH] 5 or section 80HHA] 6 or section 80HHB] 7 or section 80HHC] 2 or section 80HHD] 9 or section 80- 1] 10 or section 80IA] or section 80J 11 or section 80JJ] 12 ], the deduction under subsection (1) of this section, in relation to the sums specified in clause (a) or clause (b) or clause (c) of sub- section (2), shall be allowed with reference to the income, if any, as referred to in those clause included in
1. Substituted for" does not exceed twenty thousand rupees" by the Finance Act, 1979, w. e. f. 1- 4- 1980. The italicised words were substituted for" fifteen thousand" by the Finance Act, 1969, w. e. f 1- 4- 1970.
2. The words" chargeable under section 18" omitted by the Finance Act, 1988, w. e. f. 1- 4- 1989.
3. The words" section 80H or" omitted by the Taxation Laws (Amendment) Act, 1975, w. e. f. 1- 4- 1976.
4. Inserted by the Direct Taxes (Amendment) Act, 1974, w. e. f. 1- 4- 1974.
5. Inserted by the Finance (No. 2) Act, 1977, w. e. f. 1- 4- 1978.
6. Inserted by the Finance Act, 1982, w. e. f. 1- 4- 1983.
7. Inserted by the Finance Act, 1983, w. e. f. 1- 4- 1983.
8. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w. e. f. 1- 4- 1989.
9. Inserted by the Finance (No. 2) Act, 1980, w. e. f. 1- 4- 1981
10. Inserted by the Finance Act, 1993, w. r. e. f. 1- 4- 1991
11. Inserted by the Finance Act, 1989, w. e. f. 1- 4- 1990. Earlier, the words" or section 80JJ" were Inserted by the Finance Act, 1975, w. e. f. 1- 4- 1976 and omitted by the Finance Act, 1985, w. e. f. 1- 4- 1986.
12. The words" or section 80JJA" omitted by the Finance Act, 1983, w. e. f. 1- 4- 1984. They were inserted by the Finance Act, 1979, w. e. f. 1- 4- 1980.
the gross total income as reduced by the deductions under 1 ] 2 section 80HH,] 3 section 80HHA,] 4 section 80HHB,] 5 section 80HHC,] 6 section 80HHD,] 7 section 80- 1,] 8 section 80-IA,] 9 10 section 80J and 80JJ]].]
(4) 11 ]