We look at the tax rates, benefits available, procedure for filing returns and deduction of TDS that are applicable on housing societies. is Retail and Commercial Banking Organized on a Co-operative basis.Co-operative Banking, as discussed here, includes Retail Banking carried out by credit unions, Mutual Savings Bank, Building Societies. The Co-operative Society is formed with an idea of supporting each other to achieve a common economic objective. Sheikh Zayed Bin Sultan Al Nahyan, sound and seasoned promoters, excellent business partners and some of the industry’s best talents, Abu Dhabi Co-operative Society today is the premier retail organization in the region having 15 state of the art retail venues spanning 500,000sqft., 60,000 customers every single day and 1700 … We are trying to update it as much as possible. The Cooperative Society Project is a nonprofit initiative begun in 2015. This does not mean that a cooperative society will never work for profit. In the first year after registration, the co-operative society shall hold the general meeting not later than one month after receipt of the certificate of registration of the co-operative society. Table of Contents [ hide] Status of housing societies under the income tax laws. n. an association of individual businesses, farmers, ranchers, or manufacturers with similar interests, intending to cooperate in marketing, shipping and related activities (sometimes under a single brand name) to sell their products efficiently, and then share the profits based on … A co-operative society shall hold an annual general meeting within four months after the end of each financial year. A cooperative society is a voluntary association of individuals, united by the common bond, who have come together to pursue their economic goals for their own benefits. With the blessings and eminent guidance of the then ruler, the late H.H. The recently-concluded elections to the Kamrej Sugar Co-operative Society saw one group of the BJP’s district unit wrest a majority of seats from the rival group. And we’ll give the same amount to support your chosen local community cause. It is a voluntary association of persons, whose motive is the welfare of the members. When you become a Co-op Member, you can choose a local community cause that you want to support. To protect the interest of weaker sections, the co-operative society is formed. Cooperative housing societies also fall under the ambit of income tax laws. A co-operative society is organised primarily with the object of rendering maximum service to its members in a certain field. The First General Meeting. The State Government has the power and can prohibit or restrict loans against mortgage of immovable property by any registered society … The cooperative society is active in all countries worldwide and is represented in all the sectors including agriculture, food, finance, healthcare, etc. For example, the farmers may come together and form a co-operative society to work jointly and take advantage of economies of scale. Disclaimer: We have converted the Cooperative Housing Society bye-laws, Maharashtra Cooperative Societies Act and Maharashtra Cooperative Societies Rules in web format so that the readers can quickly search the relevant section / bye-law / rule no. It does not aim at profit at the cost of its members, for it is formed basically for providing certain essential facilities to members. When you buy selected Co-op products and services, 2p for every £1 spent goes back to you. 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