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The Co-operative Societies Act, 1912

Preliminary

Section 28Power to exempt from income-tax, stamp-duty and registration fees

Read in the full Act
Section 28: Power to exempt from income-tax, stamp-duty and registration fees

28. Power to exempt from income-tax, stamp-duty and registration fees

[(1)] The Central Government, by notification in the Official Gazette, may, in the case of any registered society or class of registered society, remit *** the income-tax payable in respect of the profits of the society, or of the dividends or other payments received by the members of the society on account of profits;

* * * * *

(2)

The [ Government], by notification in the Official Gazette, may, in the case of any registered society or class of registered society, remit-

(a)

the stamp-duty with which, under any law for the time being in force, instruments executed by or on behalf of a registered society or by an officer or member and relating to the business of such society, or any class of such instruments, are respectively chargeable, and

(b)

any fee payable under the law of registration for the time being in force.

[In this sub-section "Government" in relation to stamp-duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, [ transfer of shares, debentures], proxies and receipts, and in relation to any stamp-duty falling within [entry 96] in List I in the Seventh Schedule to [the Constitution], means the Central Government, and save as aforesaid means the State Government.]

Amendment notes (13)
  1. 1S. 28 re-numbered a sub-section (1) of that section by Act 38 of 1920, s. 2 and the first Schedule, Pt. I. The whole of this Act,with the exception of
  2. (a) Sub-section (1) of section 28, and
  3. repealed (b) Sub-section (2) of section 28, so far as it relates to the stamp-duties specified in the second paragraph thereof, has been repealed in Bengal by the Bengal Co-operative Societies Act, 1940 (Ben. 21 of 1940), s. 3 and the first Schedule.
  4. 2For notifications under this section, see Gazette of India, 1914, Pt. I, p. 994.
  5. 3omitted The brackets and letter (a) omitted by Act 38 of 1920, s. 2 and the first Schedule, Pt. I
  6. 4omitted Clauses (b) and (c) omitted by s. 2 and the first Schedule, Pt. I, ibid
  7. 5Added Added by Act 38 of 1920, s. 2 and the first Schedule Pt. I.
  8. 6Subs Subs. by the A. O 1937, for "L.G.".
  9. 7Added Added, ibid.
  10. 8Ins Ins. by the A.O. 1950.
  11. 9Subs Subs., ibid., for "Item 59".
  12. 10Subs Subs., ibid., for "the Government of India Act, 1935".
  13. 11ins For s. 28A ins. in the U.P., see the Co-operative Societies (U.P. Amendment) Act, 1944 (U.P. 1 of 1944) as continued in force by the U.P. Expiring Laws Continuance Act, 1948 (U.P. 13 of 1948).