Section 145 — Deduction in respect of income of co-operative societies
Old Act equivalent: Section 80P of IT Act 1961 Sub-part: Deductions from total income
Statutory Text
- If the gross total income of an assessee includes any profits and gains derived from the business of collecting and processing or treating of bio- degradable waste for,—
(a) generating power; or
(b) producing bio-fertilizers, bio-pesticides or other biological agents; or
(c) producing bio-gas; or
(d) making pellets or briquettes for fuel or organic manure, there shall be allowed a deduction equal to the whole amount of such profits and gains for five consecutive tax years, beginning with the tax year in which such business commences. Deduction in respect of additional employee cost.
Provisos
None.
Explanations
None.
Tables
Present in statutory text above — see formatted section.
Key Structure
- Applies to: Co-operative societies
- Conditions: Income from banking/credit facility to members, cottage industry, fishing, supply of commodities, collective disposal of labour
- Time limits: N/A — ongoing deduction for qualifying income
- Monetary limits: Various limits based on type of income and type of society
- Exceptions: Not available to co-operative banks after certain amendments; consumer co-operative society profits from certain activities are deductible
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.