Which ITR is applicable for co operative society?
Andrew Ramirez
Published Feb 26, 2026
ITR-5
A cooperative society requires to file its return of income in ITR-5 within 30th September notwithstanding the fact that most of the State Cooperative Laws allow to held the AGM within the calendar year i.e.31st December.
Are cooperative societies treated under income tax law?
Section 80 P of the Income Tax Act, allows certain deductions to cooperative societies, including cooperative housing societies. While computing the total income of a housing society, any income derived by it by way of interest or dividends from any other cooperative society, is fully treated as exempt.
What is the basic exemption for a cooperative society for the assessment year 2018 19?
Income Tax Slabs/ Rates for Co-operative Societies (FY 2018-19/ AY 2019-20)
| Total Income (Rs.) | Income Tax Slab/ Rate |
|---|---|
| Upto 10,000 | 10% of Total Income |
| 10,001 to 20,000 | Rs. 1,000 plus 20% of Total Income |
| Above 20,000 | Rs. 3,000 plus 30% of Total Income |
What are the provisions of Income Tax Act regarding assessment of co operative society?
Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such income-tax in case of a co-operative society having a total income exceeding Rs. 1 crore. Marginal relief: The total amount payable as income-tax and surcharge on total income exceeding Rs.
Do cooperatives pay income tax?
Also, no cooperative is exempt from Federal income taxation and filing Federal income tax forms. Taxes are a factor in the planning of every individual and business. Like other businesses, cooperatives pay taxes.
Do co operative societies pay tax?
Co‑ops set up as Charities: Are exempt from Corporation tax and Capital Gains tax, as long as profits are used to achieve the charity’s purpose. Are exempt from paying Stamp Duty Land tax on properties purchased by them.
Is tax audit applicable to co operative society?
Tax Audit provisions is generally not applicable to societies which do not carry on any business. For example, housing societies in years of construction of building premises and redevelopments of their properties, provisions of section 44AB would not apply as there is no business activity.
Is Mat applicable to co-operative society?
The societies opting for this section are exempt from MAT. Surcharge is applicable @ 10%. Health & Education Cess is levied at the rate of 4% on such income-tax plus surcharge.
Are there any lawsuits against co-op board members?
Co-op and condo board members have always been open to legal action, but a slew of recently well-publicized lawsuits — most notably a high-profile suit at the famed Dakota on the Upper West Side — that singled out individual board members as defendants have made the risks more visible, sources told The Real Deal.
Who are the members of the Dakota co-op board?
In the Dakota case, resident and former board member Alphonse Fletcher, Jr., sued the building’s co-op board in 2011 along with a number of the board’s individual members, accusing them of racial discrimination after his application to buy a second unit in the building was rejected.
Can a co-op board reject based on protected category?
“Co-op boards need to be educated and understand that they have to follow these laws,” he said. “While they have the right to reject, they absolutely cannot reject based on a protected category.” Oved recommends having an agreed-upon reason for rejection amongst the board.
Can a co-op number be used across Canada?
Because each Co-op is a unique business that is locally owned and operated, run by a local board of directors, your Co-op number cannot be used across Western Canada. However, you can purchase shares in as many co-op associations as you wish.
