Section-150: Interpretation for purposes of section 149

Section-150 : Interpretation for purposes of section 149

Section-150 seeks to provide for Interpretation for purposes of section 149. Learn to understand the section-150 as it is, it's help and useful links to follow.

Here onwards, "Act" refers to "Income Tax Act 2025"

1. Section-150 as per act

For the purposes of section 149,––

"consumers’ co-operative society" means a society for the benefit of the consumers;
"primary agricultural credit society" has the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949; and
"primary co-operative agricultural and rural development bank" means a society having an area of operation confined to a taluk, the principal object of which is to provide long-term credit for agricultural and rural development activities.