Income Tax Act, 2025
Section 2: Ins. by Act 32 of 1971, s. 22 (w.e.f. 11972).
2. Ins. by Act 32 of 1971, s. 22 (w.e.f. 11972).
3. Subs. by Act 11 of 1983, s. 30, for clause (b) (w.e.f. 11984). Earlier substituted by Act 19 of 1978, s. 18
(w.e.f. 11979).
4. Subs. by Act 21 of 1979, s. 14, for “does not exceed twenty thousand rupees” (w.e.f. 11980). Earlier substituted by
Act 14 of 1969, s. 10 (w.e.f. 11970).
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(i) where such co-operative society is a consumers’ co-operative society, 1[one hundred
thousand rupees]; and
(ii) in any other case, 2[fifty thousand rupees].
Explanation.—In this clause, “consumers’ co-operative society” means a society for the benefit of the
consumers;]
(d) in respect of any income by way of interest or dividends derived by the co-operative society
from its investments with any other co-operative society, the whole of such income;
(e) in respect of any income derived by the co-operative society from the letting of godowns or
warehouses for storage, processing or facilitating the marketing of commodities, the whole of such
income;
(f) in the case of a co-operative society, not being a housing society or an urban consumers’
society or a society carrying on transport business or a society engaged in the performance of any
manufacturing operations with the aid of power, where the gross total income does not exceed twenty
thousand rupees, the amount of any income by way of interest on securities 3*** or any income from
house property chargeable under section 22.
Explanation.—For the purposes of this section, an “urban consumers’ co-operative society” means 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.
(3) In a case where the assessee is entitled also to the deduction under 4[5*** 6[section 80HH or
section 80HHA] 7[or section 80HHB 8[or section 80HHC 9[or section 80HHD]]] 10[or section 80-I] 11[or
section 80-IA]] 12*** 13***], the deduction under sub-section (1) of this section, in relation to the sums
specified in clause (a) or clause (b) or clause (c) of sub-section (2), shall be allowed with reference to the
income, if any, as referred to in those clauses included in the gross total income as reduced by the
14[deductions under 15[section 80HH, 16[section HHA, 17[section 80HHB, section HHC, 18[section
80HHD], section 80-I, 19[section 80-IA], 20[section 80J and section 80JJ]]].
(w.e.f. 11984). Earlier substituted by Act 19 of 1978, s. 18
(w.e.f. 11979).
4. Subs. by Act 21 of 1979, s. 14, for “does not exceed twenty thousand rupees” (w.e.f. 11980). Earlier substituted by
Act 14 of 1969, s. 10 (w.e.f. 11970).
416
where such co-operative society is a consumers’ co-operative society, 1[one hundred
thousand rupees]; and
in any other case, 2[fifty thousand rupees].
Explanation.—In this clause, “consumers’ co-operative society” means a society for the benefit of the
consumers;]
in respect of any income by way of interest or dividends derived by the co-operative society
from its investments with any other co-operative society, the whole of such income;
in respect of any income derived by the co-operative society from the letting of godowns or
warehouses for storage, processing or facilitating the marketing of commodities, the whole of such
income;
in the case of a co-operative society, not being a housing society or an urban consumers’
society or a society carrying on transport business or a society engaged in the performance of any
manufacturing operations with the aid of power, where the gross total income does not exceed twenty
thousand rupees, the amount of any income by way of interest on securities 3*** or any income from
house property chargeable under section 22.
Explanation.—For the purposes of this section, an “urban consumers’ co-operative society” means 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.
In a case where the assessee is entitled also to the deduction under 4[5*** 6[section 80HH or
section 80HHA] 7[or section 80HHB 8[or section 80HHC 9[or section 80HHD]]] 10[or section 80-I] 11[or
section 80-IA]] 12*** 13***], the deduction under sub-section
of this section, in relation to the sums
specified in clause
or clause
or clause
of sub-section