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The total taxable income of a cooperative society carrying on business as a credit and savings cooperative society shall be deemed to be the aggregate of:-
a) 50% of its gross income from interest other than interest from its members.
b) Its gross income from any right granted for the use or occupation of any property not being.a royalty i.e. rental income.
c) Gains chargeable to tax under see 3 sub (2) (F) i.e. gains from transfer of property.
d) Any other income excluding royalties chargeable to tax under income tax Act and not mentioned above.
Note: The taxable income shall be deemed after deducting therefrom an amount equal to the aggregate of bonuses and dividend declared for that year and distributed by to its members.
Wilfykil answered the question on February 25, 2019 at 08:29
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