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In this article, we discuss the following topics:
Activities covered | Quantum of deduction |
Co-operative society engaged in: | 100% of profits and gains attributable to these activities |
The business of banking or providing credit facilities to its members | |
Cottage industry | |
Marketing of agricultural produce grown by its members | |
Purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members | |
Processing of agricultural produce of its members without the aid of power | |
Collective disposal of the labor of its members, or fishing, or any allied activities (catching, curing, processing, preserving, storing, marketing of fish etc.)
However, rules and by-laws of these co-operative societies must restrict voting rights to:
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A co-operative society which is primarily engaged in supplying milk, oilseeds, fruits or vegetables raised or grown by its members to:
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100% of profits and gains of such business |
A co-operative society engaged in any other activities |
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A co-operative society earning:
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100% of such income |
Interest on securities or income from the house property of a co-operative society other than a Housing society or
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100% of such income |