Industrial and Provident Societies Act, 1893

Exemption from income tax.

24. A registered society shall not be chargeable under Schedules C. and D. of the Income Tax Acts unless it sells to persons not members thereof, and the number of shares of the society is limited either by its rules or its practice. But no member of or person employed by the society shall be exempt from any assessment to the said duties to which he would be otherwise liable.