§ Captain ERSKINE-BOLSTasked the Financial Secretary to the Treasury what steps are taken to secure that co-operative societies meet the provisions of Section 39 (4) of the Income Tax Act, 1918; whether any breaches of this provision have been found during the past two years; and what action has been taken in respect of them?
§ Mr. HORE-BELISHASub-section (4) of Section 39 of the Income Tax Act, 1918, under which industrial and provident societies were granted exemption from Income Tax under Schedules C and D subject to certain conditions, was repealed by the Finance Act, 1933. As regards the year 1932–33 and prior years, for which the Sub-section was operative, the exemption was not, of course, granted to any society which was found not to satisfy the prescribed conditions.