Home › The Co-operative Societies Act, 1912
Section 28: Power to exempt from income-tax, stamp-duty and registration fees
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; 4 * * * * * 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
Source: official text of The Co-operative Societies Act, 1912 as published on India Code (PDF). All sections of the Co-operative Societies Act, 1912.