47. (1) The tax shall not be payable by a co-operative society ¹[***] in respect of- ²[***](b) the entire income from business carried on by it, if it is engaged in the following:- (i) agricultural or rural credit; (ii) cottage industry; (iii) marketing of agricultural produce of its members; (iv) purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members; or (v) such processing, not being the performance of any manufacturing operation with the aid of power, of the agricultural produce of its members as is ordinarily employed by a cultivator to render marketable the agricultural produce raised by him; ³[***] (d) any income derived from the letting of godowns or warehouses for the purpose of storage, processing or facilitating the marketing of commodities belonging or meant for sale to its members. Explanation.-For the purpose of this section,- (a) “cottage industry” means an enterprise, not being owned by a joint stock company which fulfils the following conditions, namely:- (i) it is basically an enterprise in which the owner is the investor, a full-time worker and the actual entrepreneur; (ii) the capital invested in plant, machinery and equipment does not exceed ⁴[three lakh taka] at any time during the income year; (iii) the number of workers, including the owner and the members of his family, shall not on any one twenty-four hour day during the income year, exceed ⁵[fifteen]; and (iv) the owner of the enterprise or any member of his family does not own any other industrial or commercial enterprise either in his own name or in the name of any other person; and (b) “member of his family”, in relation to the owner of an enterprise, means the parents, spouse and children dependent on the owner and employed in the enterprise, whether working full-time or part-time, or whether for or without any wages, remuneration or compensation in any form. (2) Nothing contained in sub-section (1) shall apply to a co-operative society carrying on such business of insurance as is carried on by a mutual insurance association in respect of its profits and gains to which paragraph 8 of the Fourth Schedule applies.