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[Cites 0, Cited by 1638] [Section 80P] [Entire Act]

Union of India - Subsection

Section 80P(2) in The Income Tax Act, 1961

(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 to its members, or
(ii)a cottage industry, or]
(iii)[ the marketing of the agricultural produce of its members, or] [ Substituted by Act 11 of 1999, Section 8, for sub-Clause (iii) (w.r.e.f. 1.4.1968).]
(iv)[ the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or [Inserted by Act 20 of 1967, Section 33 and Schedule III (w.e.f. 1.4.1968).]
(v)the processing, without the aid of power, of the agricultural produce of its members,] [or] [ Inserted by Act 32 of 1971, Section 1971, Section 22 (w.e.f. 1.4.1972).]
(vi)[ the collective disposal of the labour of its members, or [Inserted by Act 32 of 1971, Section 1971, Section 22 (w.e.f. 1.4.1972).]
(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:] [Inserted by Act 20 of 1967, Section 33 and Schedule III (w.e.f. 1.4.1968).][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:-