Section 150 — Deduction in respect of income of federal co-operative

(1) If the gross total income of an assessee being a federal co-operative, in any
tax year, includes any income by way of dividends received from its investment
with any company, a deduction shall be allowed from such income, to the extent of
the amount which,—
(a) has arisen from such investment as recorded in its books of account on or
before the 31st January, 2026; and
( b) has been distributed by it to its members at least one month before the due
date for filing the return of income under section 263(1).
(2) The provisions of this section shall not apply to any tax year beginning on or after
the 1st April, 2029.
(3) For the purposes of this section, “federal co-operative” means a “federal co-opera-
tive” as defined in section 3(k) of the Multi-State Co-operative Societies Act, 2002 (39
of 2002) and notified as such by the Central Government.]