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Informative

Income Tax Deduction Eligibility of Cooperative Society

Update / Judgement Date

24 Oct 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Income Tax

A cooperative society's eligibility for income tax deductions was clarified by the ITAT, which ruled that such societies are entitled to deductions under Section 80P of the Income Tax Act, provided they meet the statutory criteria. This ruling has implications for the taxation of cooperative societies, especially regarding their ability to claim deductions.