Section 79 - Exemption of Certain Incomes of Co-operative Societies
Income earned by a co-operative society from the following activities shall be exempted from tax payable, namely:
(a) crop production;
(b) management of cottage industries;
(c) marketing of agricultural produce by its members.
Explanation.—For the purpose of this section, “cottage industry” means an undertaking, not being registered by joint stock company, where—
(a) the owner of the business establishment is an investor, full time employee and bona fide entrepreneur;
(b) the capital invested in the plant, machinery and equipment of the business does not exceed Tk. 25 (twenty five) lakhs at any time during the income year;
(c) the number of workers working in the business establishment including the owner and his family members is not more than 15 (fifteen) people.
Note: This is unofficial English translation. In the event of a conflict between the information on this website and the original Government publications or notifications of laws, rules, regulations, and SROs, the Government publications or notifications shall prevail. Moreover, as per Section 345(2) of the Income Tax Act 2023, if there is a conflict between the English and Bengali text, the Bengali text shall prevail.