India - Income Tax Act 2010 - Saarc

1.497 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80P(i) a federal co-operative society, being a society engaged in thebusiness of supplying milk, oilseeds, fruits, or vegetables, as thecase may be; or(ii) the Government or a local authority; or(iii) a Government company 53 as defined in section 617 of the CompaniesAct, 1956 (1 of 1956), or a corporation established by or undera Central, State or Provincial Act (being a company or corporationengaged in supplying milk, oilseeds, fruits or vegetables, asthe 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 54 other thanthose specified in clause (a) or clause (b) (either independently of, orin addition to, all or any of the activities so specified), so much ofits profits and gains attributable 55 to such activities as 56 [does notexceed,—(i) where such co-operative society is a consumers’ co-operativesociety, 57 [one hundred] thousand rupees; and(ii) in any other case, 58 [fifty] thousand rupees.Explanation.—In this clause, “consumers’ co-operative society” meansa society for the benefit of the consumers;](d) in respect of any income by way of interest or dividends derived bythe co-operative society from its investments with any other cooperativesociety, the whole of such income;(e) in respect of any income derived by the co-operative society from theletting of godowns or warehouses 59 for storage, processing or facilitatingthe marketing of commodities 59 , the whole of such income;(f) in the case of a co-operative society, not being a housing society or anurban consumers’ society or a society carrying on transport businessor a society engaged in the performance of any manufacturingoperations with the aid of power, where the gross total income doesnot exceed twenty thousand rupees, the amount of any income byway of interest on securities 60 [***] or any income from houseproperty chargeable under section 22.53. For definition of “Government company”, see footnote 71 on p. 1.23 ante.54. For the meaning of the term “activities”, see Taxmann’s Direct Taxes Manual, Vol. 3.55. For the meaning of the term “attributable”, see Taxmann’s Direct Taxes Manual, Vol. 3.56. Substituted for “does not exceed twenty thousand rupees” by the Finance Act, 1979, w.e.f.1-4-1980. Italicised words were substituted for “fifteen thousand” by the Finance Act, 1969,w.e.f. 1-4-1970.57. Substituted for “forty” by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.58. Substituted for “twenty”, ibid.59. For the meaning of the expressions “godowns or warehouses” and “facilitating themarketing of commodities”, see Taxmann’s Direct Taxes Manual, Vol. 3.60. “chargeable under section 18” omitted by the Finance Act, 1988, w.e.f. 1-4-1989.