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Meaning and Definition - Co-operative Societies

In a country like India, which had adopted socialistic pattern of society, the co-operative societies have to play an important role and to encourage them, they have to be put in privileged position. One of the privileges which the co-operative societies enjoy is in respect of income-tax payable by them.

Co-operative Society‚ÄĒDefinition.

“Co-operative society” means a society registered under the Co-operative Societies Act, 1912 (II of 1912) or under any other law for the time being in force in any State for the registration of co-operative societies [Section 2(19)1.

Urban Consumer’s Co-operative Society.

Under section 80P(2) (explanation), such a society has been defined as “a society for the benefit of the consumers within the limits of a municipal corporation, municipality, municipal committee, notified area committee, town, area or cantonment”.

“Co-operative bank” and “primary agricultural credit society”

shall have the same meaning as assigned to them in Banking Regulation Act, 1949.

“Primary Co-operative agricultural and rural development bank”

means a society having its area of operation confined to a taluk and the primary object of which is to provide for long term credit for agricultural and rural development activities.

‘Consumer’s Co-operative Society’

means a society for the benefit of consumers.

Meaning and Definition - Co-operative Societies
More..Topics :
Meaning & Definition, Assessments of 'Co-Operative Societies'
Deductions from Total Income of 'Co-Operative Societies' [Section 80P]
Income-Tax On Co-Operative Societies

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