Co-operative Society – Section 2(32) | Income-tax Act, 2025 vs 1961

§ 2(32) · Income-tax Act, 2025

Co-operative society

ITA 2025 · 2(32) ITA 1961 · 2(19)
Definition — Section 2(32)

Means a co-operative society registered under the Co-operative Societies Act, 1912; or the Multi-State Co-operative Societies Act, 2002; or under any other law in force in any State or Union territory for the registration of co-operative societies. Under the Co-operative Societies Act, 1912, a registrable society is one whose object is the promotion of the economic interests of its members in accordance with co-operative principles, and on registration it becomes a body corporate with perpetual succession and a common seal. The Multi-State Co-operative Societies Act, 2002 covers societies operating across more than one State. The 2025 Act explicitly includes both — an expansion from the 1961 Act which only referenced State laws and Union territories were not mentioned.

Act Comparison
Income-tax Act, 2025
2(32)
Co-operative society
Income-tax Act, 1961
2(19)
Co-operative society
Key Points
  • Maps to Section 2(19) of the 1961 Act
  • Substantial deductions available to qualifying co-operative societies under the 2025 Act — maps to Section 80P of the 1961 Act
  • Agricultural credit societies get more liberal deductions than other co-operatives
💡 Practical Note

A co-operative housing society is also a 'co-operative society' — though its tax position is generally exempt since it's a mutual organisation.

Published by Simplified Tax India — Clear, section-wise comparison of Income-tax Acts. ← Back to Section 2 Definitions Table
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