Interpretation for purposes of section 149
18[Deduction in respect of income of federal co-operative.
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,—
| (a) | has arisen from such investment as recorded in its books of account on or before the 31st January, 2026; and | |
| (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). |
(2) The provisions of this section shall not apply to any tax year beginning on or after the 1st April, 2029.
(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.]