Amendment status not verified — confirm the current text below against the official source.
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 societies, remit the income-tax payable in respect of the profits of the society, or of the dividends or other payments received by the member of the society on account of profits. (2) The collecting Government may by notification remit, in the case of any registered society or class of registered societies- (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 thereof and relating to the business of such society or any class of such instruments or decisions, awards or orders of the Registrar or of any arbitrator or arbitrators under this Act, are respectively chargeable, and (b) any fee payable under the law of registration tor the time being in force. In this sub-section "collecting Government" has the same meaning as in the Indian Stamp Act, 1899. Comments & Case-law [Reading Sec. 5 of the Act with item no. 27 of Appx V. of the Stamp Act it is anifest that a society registered under the Co-operative Society Act is exempted from payment of any stamp duty and as such a registered society is exempted from payment of any stamp duty in relation to any instrument executed by it or on behalf of it and relating to its business. Patliputra Co-operative House Construction Society Ltd. vs. State of Bihar, 1977 BBCJ 78. Exemptions granted by the State Government in favour of building belonging to co-operative societies from the provisions of Rent Control Act is legitimate exercise of power. Such exemption cannot be discriminatory and violative of Article 14 of the I