Section 80 P

From the provisions of section 80p 2 d of the act reproduced above it comes out that the dividend and interest received by a society from its investment in any other society is eligible for deduction under section 80p 2 d of the act and this is the stand of the ao and the cit a that out of the dividend received by the assessee from kmf is.

Section 80 p. 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. The best smartwatches for 2020 a where 100 deduction is allowed in respect of income of co operative societies under section 80p. Explanation to sec 80 p 4 borrows the definition of co operative bank primary agricultural credit society from the banking regulation act 1949.

Where the assessee is a co operative society and its gross total income includes the following incomes a deduction shall be allowed in accordance with and subject to the provisions of this section. Section 80p is made not applicable to any co operative bank including regional rural banks other than a primary agricultural credit society as defined in the banking regulation act or a primary co operative agricultural and rural development bank a society having its area of operation confined to a taluk and the principal object of which is to provide long term credit for agricultural and rural development activities. Deduction under section 80pa is available if the following conditions are satisfied assessee is a producer company as defined in section 581a i of the companies act 1956 i e a body corporate which deals primarily with the produce of its active members.