Income-tax Act, 2025 · Part C — Deductions in respect of certain incomes

Section 150Interpretation for purposes of section 149

Income-tax Act, 2025 (30 of 2025)

For the purposes of section 149,—

(a)“consumers’ co-operative society” means a society for the benefit of the consumers;

(b)“primary agricultural credit society” has the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949); and

(c)“primary co-operative agricultural and rural development bank” means a society having an area of operation confined to a taluk, the principal object of which is to provide long-term credit for agricultural and rural development activities.

“consumers’ co-operative society” means a society for the benefit of the consumers;

“primary agricultural credit society” has the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949); and

“primary co-operative agricultural and rural development bank” means a society having an area of operation confined to a taluk, the principal object of which is to provide long-term credit for agricultural and rural development activities.

This section refers to

§ 149 Deduction in respect of income of co-operative societies

Referenced by

§ 189 Interpretation

§ 189(b)