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(a) registered as such under the Credit Union Act, 1997, or

(b) deemed to be so registered by virtue of section 5(3) of that Act.

(a) shall be paid without deduction of income tax and shall be charged under Case III of Schedule D, and

and, if such a return is not fully made as respects any year of assessment, the society shall not be entitled to any deduction under section 97(2)(e), 243 or 699(1) in respect of any payments of share interest or loan interest which it was required to include in the return, and all such assessments and additional assessments shall be made as may be necessary and assessments shall, as necessary, be made or amended to give effect to this subsection.

(2) In computing the corporation tax payable for any accounting period of a society, section 243 shall apply subject to the deletion of “yearly” in subsection (4)(a) of that section.

and, if such a return is not fully made as respects any year of assessment, the society shall not be entitled to any deduction under section 97(2)(e), 243 or 699(1) in respect of any payments of share interest or loan interest which it was required to include in the return, and all such assessments and additional assessments shall be made as may be necessary and assessments shall, as necessary, be made or amended to give effect to this subsection.

and, if such a return is not fully made as respects any year of assessment, the society shall not be entitled to any deduction under section 97(2)(e), 243 or 699(1) in respect of any payments of share interest or loan interest which it was required to include in the return, and all such assessments and additional assessments shall be made as may be necessary and assessments shall, as necessary, be made or amended to give effect to this subsection.