Section 28 of Co Operative Societies Act - Power to exempt from income-tax, stamp-duty and registration fees

Section 28: Power to exempt from income-tax, stamp-duty and registration fees - The Co Operative Societies Act 1912

1[(1)] The Central Government, by notification2 in the Official Gazette, may, in the case of any registered society or class of registered society, remit 3*** 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;

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5[(2) The 6[ 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.]

7[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, 8[ transfer of shares, debentures], proxies and receipts, and in relation to any stamp-duty falling within 9[entry 96] in List I in the Seventh Schedule to 10[the Constitution], means the Central Government, and save as aforesaid means the State Government.]11

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(2) of section 28, so far as it relates to the stamp-duties specified in the second paragraph thereof, has been repealed in Bengal by the Bengal Co-operative Societies Act, 1940 (Ben. 21 of 1940), s. 3 and the first Schedule.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