The profits of a co-operative society engaged in (i) Carrying out the business of banking, (ii) A cottage industry and (iii) Collective disposal of labours of its member are eligible for deduction u/s 80P up-to

CS Executive · Tax Laws and Practice · PYQS · June 2018
The profits of a co-operative society engaged in (i) Carrying out the business of banking, (ii) A cottage industry and (iii) Collective disposal of labours of its member are eligible for deduction u/s 80P up-to
(A) 75% of the profits
(B) 100% of the profits
(C) 50% of the profits
(D) None of the above

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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