All about a co-operative society in India, its legal status and provisions of taxation, Government National Co-operative policy in India, and Exemptions granted under the Income Tax Act, 1961.
co-operatives are financial institutions. there are many cooperatives established in Nepal. this slide explain all the issues and different co operatives in Nepal and their performance.
A cooperative is an autonomous association of people united voluntarily to meet their common economic, social and cultural needs and aspiration through a jointly owned and democratically controlled business.
Cooperative societies are voluntary associations started with the aim of service to members.
Cooperative marketing consist of two words ‘cooperative or cooperation’ and ‘marketing’.
It is also the marketing ‘for the farmers’ and ‘by the farmers’ that aim at eliminating the chain of functionaries operating between the farmers and the ultimate consumers and thus securing maximum price for the farmer’s produce.
According to RBI “Co-operative marketing is a co-operative association of cultivators formed primarily for the purpose of helping the members to market their produce more profitably than is possible through private trade.”
According to FAO ‘Co-operative Marketing is a system through which a group of farmers join together to carry on some or all the process involved in bringing goods to the consumer.”
ICA stands for International Co- operative Alliance (ICA) which is an independent , non governmental co-operative federation (i.e) a co-operative union representing co-operatives and their movements worldwide.
co-operatives are financial institutions. there are many cooperatives established in Nepal. this slide explain all the issues and different co operatives in Nepal and their performance.
A cooperative is an autonomous association of people united voluntarily to meet their common economic, social and cultural needs and aspiration through a jointly owned and democratically controlled business.
Cooperative societies are voluntary associations started with the aim of service to members.
Cooperative marketing consist of two words ‘cooperative or cooperation’ and ‘marketing’.
It is also the marketing ‘for the farmers’ and ‘by the farmers’ that aim at eliminating the chain of functionaries operating between the farmers and the ultimate consumers and thus securing maximum price for the farmer’s produce.
According to RBI “Co-operative marketing is a co-operative association of cultivators formed primarily for the purpose of helping the members to market their produce more profitably than is possible through private trade.”
According to FAO ‘Co-operative Marketing is a system through which a group of farmers join together to carry on some or all the process involved in bringing goods to the consumer.”
ICA stands for International Co- operative Alliance (ICA) which is an independent , non governmental co-operative federation (i.e) a co-operative union representing co-operatives and their movements worldwide.
The Presentation comprises all about the FPO. It covers structure, incorporation of FPO, formalities, legal compliance, working pattern, B-plan & others.
Any feedback would always be appreciated.
This training material is prepared to understand the basics of Producer Group, its similarities and differences with Self Help Group, examples, types of PG, etc.
KVK (Krishi Vigyan Kendra ) :- Introducation of kvk ,
objectives of kvk ,
mandate and activities of kvk ,
organizational structure of kvk ,
Role and responsibility of the kvk ,
strategies for working in kvk
The Presentation comprises all about the FPO. It covers structure, incorporation of FPO, formalities, legal compliance, working pattern, B-plan & others.
Any feedback would always be appreciated.
This training material is prepared to understand the basics of Producer Group, its similarities and differences with Self Help Group, examples, types of PG, etc.
KVK (Krishi Vigyan Kendra ) :- Introducation of kvk ,
objectives of kvk ,
mandate and activities of kvk ,
organizational structure of kvk ,
Role and responsibility of the kvk ,
strategies for working in kvk
The Payment of Bonus act, 1965. this PPT has inclusion recent amendments and is done from the view point of students. If anything has been missed out, do let us know through comments.
ThankYou
In the attached handbook, we have included major legal compliance applicable on NGOs in India under Income Tax Act, Foreign Contribution Regulation Act, Payment of Gratuity Act, Provident Fund & Misc Provisions Act. #ngos #Taxation #Compliances #SNR #krestonsnr
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
Composition levy GST ( Composition Scheme GST )CA-Amit
Only taxable persons whose ‘aggregate turnover’ does not exceed Rs. 50 lacs in a financial year will be eligible to opt for payment of tax under the composition scheme.As per Section 16, Goods and/or services on which composition tax has been paid under Section 8 is not eligible for input tax credit.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
1. CO-OPERATIVE SOCIETY IN INDIA
A co-operative society is a voluntary
association of persons started with the
objective serving its members. It is primarily
designed for promotion of economic
interest of its members with co-operation
principles. It is based on an important
philosophy known as “all for each and each
for all”.
2. Features
• The membership of a co-operative organization is
voluntary and open to all adult persons.
• It is a self governing institution.
• Capital is raised from members in the form of share
capital.
• It managed democratically.
• These are subject to government control as these are
registered under Co-operative Societies Act, 1919.
• Each member has one vote irrespective of
shareholdings.
3. Presence of Cooperatives in India
The first Cooperative Society Act of 1904 was
enacted to enable formation of “Agricultural Credit
Cooperatives" in villages in India under Government
sponsorship. With the enactment of 1904 Act,
Cooperatives were to get a direct legal identity as
every agricultural Cooperative was to be registered
under that Act only.
The National Cooperative Union of India (NCUI) was
established in 1929 as an apex promotional
organization for strengthening of cooperatives.
National Cooperative Development and Warehousing
Board was set up in 1956.
4. Government Policies
The Union Cabinet first time approved the National
Cooperative Policy, aiming at:
Minimizing the say of the Government in Cooperatives.
Redefining the role of Registrar of Coop. Societies as a facilitator for Coop.
Societies.
Repatriation of the Government’s equity in the Cooperatives by infusion
of equivalent cooperative shares.
Cooperative Law
Multi-State Cooperative Societies Act- 2002 ensures functioning of
Cooperatives as autonomous Institutions on sound Cooperative Principles.
The new legislation reduces the role of Government and provides
professionalism in Cooperatives to withstand competition.
Government participation in the equity is allowed only when requested by
the Society.
5. Provisions of Taxation
• A Cooperative Society is a taxable entity under
the Income Tax Act, 1961. A Cooperative
Society under the Act is to be treated as an
association of persons (AOP), which is included
in the definition of 'person' under the Income
Tax Act, 1961.
• Even though, for taxation purposes, the status
of a cooperative society is to be taken as an
Association of Persons, the section 67A and
section 86 of the Act have been excluded from
application to the members of society.
6. Provisions of Taxation
• A Cooperative Society is taxed at rates, which are different from
those applicable to an AOP. Under the annual Finance Act , though
individuals, Hindu undivided family, AOP or body of individuals,
whether incorporated or not, or every artificial juridical person
referred to in the Income Tax Act, are chargeable at rates prescribed
in paragraph A, of the Finance act. A Cooperative society is
chargeable to tax as per rates prescribed under paragraph B of
Part1 of the first schedule to the annual Finance Act.
• The amount of income tax computed in accordance with the
provisions of paragraph B , shall in the case of every cooperative
society, be increased by a surcharge. The rate of surcharge is
prescribed in each of the Finance Acts.
• The Cooperative Societies are entitled to several concessions, in the
computation of their taxable income. Besides, they also enjoy the
benefit of concessional rate of tax on their chargeable income
under the annual Finance Act.
7. Exemptions granted under the
Income Tax Act
• It includes certain classes of income which do not form
part of total income and are exempted from income-
tax. These are excluded from the computation of gross
total income of an assessee. A return of income is also
not to be filled for them. Such types of income fall
under Chapter III of the Income Tax Act. Some of the
permissible exemptions provided are:-
– Exemption of profits and gains from a new industrial
undertaking in a free trade zone for ten years[Section
10A].
– Exemption of the profits and gains for ten years from a
100% export oriented undertaking [Section 10B],etc.
8. Deductions granted
under the Income Tax Act
• It includes certain classes of income which are included in computing the total
income of an assessee but are exempted from income-tax as they are basically
deductions to be made in computing total income. A return of income is required
to be filled for them. Such types of income fall under Chapter VI-A (Sections 80A to
80U) of the Income Tax Act. Some of the permissible deductions provided are:-
– As per Section 80A, in computing the total income of an assessee,the
deductions specified in Section 80C to 80U shall be allowed from his gross
total income.
– Section 80AB deals with deductions that need to be made with reference to
the gross total income.
– Deduction of any amount under Section 80G in respect of donations given to
certain funds, charitable institutions, etc.
– Deduction of 50% of profits and gains of projects implemented outside India
[Section 80HHB].
• Deduction of the entire profits from income from export business [Section
80HHC], etc.
9. Relevance of Section 80P
• The deductions in respect of income provided under Section 80P of the
Income Tax Act are applicable to the cooperative societies alone. The
provision has been incorporated in the Act for growth of cooperative
societies. There are different heads of deductions enumerated in the
section such that each is distinct and independent of other. To decide
whether a particular category of income of a cooperative society is to be
exempted from tax, it shall have to be seen whether it falls under the said
heads or not. The deductions allowable under this section are in respect
of net incomes from the activities or businesses, specified in the various
clauses of the section.
• If a cooperative society carries on such activities, income from which is
exempt and also carries on such activities, income from which is not
exempt, then profits/gains attributable to former activity shall enjoy
exemption and those attributable to latter one shall be taxed. Where a
cooperative society earns income, which is partly taxed and partly entitled
to special deduction, proportionate share of the expenses attributable to
the earning of income, entitled to deduction, should be deducted in
computing such income.