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Category: Co-Operative Societies and Trusts

Jun 13

CBDT defer procedure for approval/ registration/ notification of entities registered u/s 10(23C), 12AA,35 & 80G

The entities approved/ registered/ notified u/s 10(23C), 12AA,35 & 80G of the Income Tax Act, 1961, would be required to file intimation within three months from 1st October, 2020, i.e, by 31st December, 2020 due to the outbreak of novel corona virus (COVID-19) and consequent lockdown. Where as with regards to the entities already approved/ […]
Jun 15

The Principle of mutuality in case of transactions between Members and Co-operative Societies

This Tax Alert summarizes a recent ruling of the Supreme Court (SC), in a batch of cases with the lead case being that of Venkatesh Premises Cooperative Society Ltd. (Taxpayer or Society), wherein the issue before the SC was whether the receipt of transfer charges, non-occupancy charges and premium received, for allotment of occupancy rights […]