Section 38 in The Punjab Co-operative Societies Act, 1961
38. Exemption from certain taxes, fees and duties.
(1)The Central Government may, by notification in the Official Gazette, remit the income-tax payable in respect of the profits of any class of co-operative societies or the dividends or other payments received by members of any class of such societies on account of profits.(2)The Government may, by notification remit in respect of any class of co- operative societies-(a)the stamp duty chargeable under any law for the time being in force in respect of any instrument executed by or on behalf of a co-operative society or by an officer or member thereof and relating to the business of such society, or any class of such instruments or in respect of any award or order made under this Act, in cases, where, but for such remission the co- operative society officer or member as the case may be, would be liable to pay such stamp duty;(b)any fee payable under any law for the time being in force relating to the registration of documents or court fees.Explanation - In this sub-section "Government" means in relation to stamp duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts, the Central Government and save as aforesaid the Government.(3)The Government may, by notification exempt any class of co-operative societies from-(a)land revenue;(b)taxes on agricultural income;(c)taxes on sale or purchase of goods; and(d)taxes on professions, trades, callings and employment.
