When is Income of Cooperative Society Tax Free ?

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Income Tax Act provides separate tax rate for cooperative society .Thus , when the questions regarding arises related to housing society or any other society, a confusion prevails among all about the taxation aspect of cooperative society. There is nothing in the Income Tax Act , that clearly states the conditions under which a cooperative society will be taxable. Fortunately , courts have gone into the issue and distinguished the society in basically two types- one which is a mutual concern and one which is not .

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