Section 80P → Section 148
Deduction in respect of income of co-operative societies
Quick Answer
Section 80P of the Income Tax Act, 1961 (Deduction in respect of income of co-operative societies) corresponds to Section 148 of the Income-tax Act, 2025, effective 1st April 2026. Status: Retained.
What changed for Section 80P
Section 80P of the 1961 Act sets out the rules on deduction in respect of income of co-operative societies. Allows 100% deduction to primary agricultural credit societies and primary co-operative agricultural and rural development banks.
From 1st April 2026, the same subject sits at Section 148 of the Income-tax Act, 2025 — retained and renumbered as Section 148 of the Income-tax Act, 2025. Retained. Focus continues on rural and agricultural upliftment.
For Section 80P, the practical impact is rated Medium. Crucial for the rural banking and co-operative sector.
Sec 80P
Provision Summary
Allows 100% deduction to primary agricultural credit societies and primary co-operative agricultural and rural development banks.
Sec 148
Provision Summary
Retained. Focus continues on rural and agricultural upliftment.
Key Changes & Highlights
- Excludes co-operative banks (other than primary agricultural credit societies) explicitly from this deduction.
Frequently Asked Questions
What is Section 80P of the Income Tax Act, 1961 about?
Section 80P of the Income Tax Act, 1961 covers deduction in respect of income of co-operative societies. Allows 100% deduction to primary agricultural credit societies and primary co-operative agricultural and rural development banks.
Which section replaces Section 80P in the Income-tax Act, 2025?
Section 80P of the Income Tax Act, 1961 maps to Section 148 of the Income-tax Act, 2025, effective 1st April 2026 (status: Retained). Retained. Focus continues on rural and agricultural upliftment.
What is the impact of the change to Section 80P under the new tax code?
The transition impact for Section 80P is rated Medium. Crucial for the rural banking and co-operative sector.
What should I watch out for when Section 80P moves to the 2025 code?
Excludes co-operative banks (other than primary agricultural credit societies) explicitly from this deduction. These points are specific to Section 80P (Deduction in respect of income of co-operative societies).
Disclaimer: This mapping of Section 80P (Deduction in respect of income of co-operative societies) to Section 148 of the Income-tax Act, 2025 is for educational and reference purposes only, based on publicly available drafts and circulars. As Section 80P is currently marked Retained, always confirm its treatment with a qualified Chartered Accountant before filing or making compliance decisions.
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