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Informative

Co-operative Societies offering Credit Facilities can claim Deduction u/s 80P(2)(a)(i) of Income Tax Act: ITAT

Update / Judgement Date

27 Sept 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

BankingCorporate ComplianceIncome Tax

Co-operative Societies Offering Credit Facilities Can Claim Deduction U/S 80P(2)(a)(i) of Income Tax Act: ITAT The ITAT ruled that co-operative societies offering credit facilities to their members can claim deductions under Section 80P(2)(a)(i) of the Income Tax Act. This decision supports the tax benefits available to co-operative societies and encourages their role in providing financial services to members.