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Section 150 of Income Tax Act - Interpretation for purposes of section 149

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Last Updated: 01-04-2026

150. Interpretation for purposes of section 149.

For the purposes of section 149, –

(a) “consumers’ co-operative society” means a society for the benefit of the consumers;

(b) “primary agricultural credit society” has the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949; and

(c) “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