Formation, Management and Taxation of Co-Operative Societies

This edition of Formation, Management & Taxation of Co-operative Societies (Covering Co-operative Banks) under Direct Tax Laws, authored by Ram Dutt Sharma, provides a comprehensive and practical guide to the legal, managerial, and taxation aspects of co-operative societies in India. Updated in accordance with the Finance Act, 2023, the book covers both the statutory framework and procedural requirements governing the formation, functioning, and taxation of co-operatives, including co-operative banks.

The book integrates provisions of the Income Tax Act, 1961, with relevant State Co-operative Societies Acts, offering a complete understanding of compliance requirements and tax benefits applicable to such entities. It is enriched with examples, checklists, case laws, and CBDT clarifications, making it a valuable resource for practitioners, administrators, and members of co-operative institutions.

The content covers the full scope of co-operative society laws and taxation, including:
• Concept, types, and objectives of co-operative societies
• Legal provisions for registration and formation under State Acts
• Management structure, roles, and responsibilities of office bearers
• Regulatory framework for co-operative banks
• Income tax provisions applicable to co-operatives under Sections 80P, 80PA, and related sections
• Deductions, exemptions, and tax incentives available
• Computation of taxable income and filing of returns
• Audit requirements and statutory compliance
• Penalties and consequences for non-compliance
• Landmark judicial pronouncements impacting co-operative taxation
• CBDT circulars and notifications relevant to the sector

This edition is particularly suitable for:
• Chartered accountants, tax consultants, and legal advisors dealing with co-operatives
• Management and governing bodies of co-operative societies and co-operative banks
• Law students and academicians studying co-operative laws and taxation
• Taxpayers and professionals seeking clarity on exemptions and compliance obligations

Whether for professional reference, compliance management, or academic study, this book offers an authoritative, updated, and practical guide to the formation, management, and taxation of co-operative societies under direct tax laws in India.