India - Income Tax Act 2010 - Saarc

S. 80P I.T. ACT, 1961 1.496(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) carrying on the business of banking or providing credit facilities 46to its members 46 , or(ii) a cottage industry 47 , or48[(iii) the marketing 47 of agricultural produce grown by its members, or](iv) the purchase of agricultural implements, seeds, livestock or otherarticles intended for agriculture for the purpose of supplyingthem to its members, or(v) the processing, without the aid of power, of the agriculturalproduce of its members, 49 [or]49[(vi) 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 purchaseof materials and equipment in connection therewith for thepurpose of supplying them to its members,]the whole of the amount of profits and gains of business attributableto any one or more of such activities 50 :51[Provided that in the case of a co-operative society falling under subclause(vi), or sub-clause (vii), the rules and bye-laws of the societyrestrict 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 assistanceto the society;(3) the State Government;]52[(b) in the case of a co-operative society, being a primary society engagedin supplying milk, oilseeds, fruits or vegetables raised or grown by itsmembers to—46. For the meaning of the terms/expressions “providing credit facilities” and “members”, seeTaxmann’s Direct Taxes Manual, Vol. 3.47. For the meaning of the terms/expressions “cottage industry” and “marketing”, seeTaxmann’s Direct Taxes Manual, Vol. 3.48. Substituted by the Income-tax (Second Amendment) Act, 1998, w.r.e.f. 1-4-1968. Prior toits substitution, sub-clause (iii), as inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968,read as under :“(iii) the marketing of the agricultural produce of its members, or”49. Inserted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972.50. For the meaning of the expression “the whole of the amount of .. . such activities”, seeTaxmann’s Direct Taxes Manual, Vol. 3.51. Inserted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972.52. Substituted by the Finance Act, 1983, w.e.f. 1-4-1984. Earlier, it was substituted by theFinance Act, 1978, w.e.f. 1-4-1979.