Section 150 Deduction in respect of income of federal co-operative
- Part
- C.—Deductions in respect of certain incomes
- Amendments
- 1
Section 150 substituted by Finance Act, 2026, s. 49, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 150"(1) If the gross total income of an assessee being a federal co-operative, in any tax year, includes any income by way of dividends received from its investment with any company, a deduction shall be allowed from such income, to the extent of the amount which,––
Section 150 substituted by Finance Act, 2026, s. 49, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 150"(a) has arisen from such investment as recorded in its books of account on or before the 31st January, 2026; and
Section 150 substituted by Finance Act, 2026, s. 49, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 150"(b) has been distributed by it to its members at least one month before the due date for filing the return of income under section 263(1).
Section 150 substituted by Finance Act, 2026, s. 49, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 150"(2) The provisions of this section shall not apply to any tax year beginning on or after the 1st April, 2029.
Section 150 substituted by Finance Act, 2026, s. 49, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 150"(3) For the purposes of this section, “federal co-operative” means a “federal co-operative” as defined in section 3(k) of the Multi-State Co-operative Societies Act, 2002 (39 of 2002) and notified as such by the Central Government.