This circular relates to condonation of delay under clause (b) ...

Extension for co-op societies to claim 80P deduction for delays in account audits for AY 2023-24.

Circulars Income Tax

October 31, 2024

This circular relates to condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 for returns of income claiming deduction u/s 80P for the Assessment Year 2023-24. The Central Board of Direct Taxes received applications from co-operative societies seeking condonation of delay in furnishing returns due to delay in getting accounts audited under respective State Laws. To mitigate genuine hardship, the Board exercised powers u/s 119 and extended the applicability of Circular No.13/2023 dated 26.07.2023 to AY 2023-24, subject to conditions stipulated therein. The circular aims to provide relief to assessees facing delays in filing returns claiming deduction u/s 80P.

View Source

← Previous Next →

This circular relates to condonation of delay under clause (b) ...

Extension for co-op societies to claim 80P deduction for delays in account audits for AY 2023-24.

Circulars Income Tax

October 31, 2024

You may also like:

Deduction claimed u/s. 80P(2)(a)(i) - Status showing as AOP and not mentioned as cooperative society - The Tribunal referred to the definition of "person" under section...

RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

Cooperative society earned interest and dividend income from investments with cooperative banks and societies, qualifying for deduction u/s 80P(2)(d) to promote...

Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

Deduction u/s 80P(2)(a) is allowed for a cooperative society earning interest and dividend income from deposits with a Delhi State Cooperative Bank registered under the...

Deduction of claim u/s. 80P(2)(a)(i) - claim denied on interest - The Assessee being a Primary Agriculture Credit Society is a Co-operative Society. The primary object...

Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society...

Interest income earned by a co-operative society formed and managed by the Government, in its regular course of operations, forms part of revenue attributable to...

Investment of surplus fund by a coop society, no deduction u/s 80P – Supreme Court

Deduction u/s 80P(2)(a)(i) was denied by the Assessing Officer on grounds that the assessee society cannot be termed a mutual concern and principles of mutuality cannot...

The Appellate Tribunal held that income earned from investments in cooperative banks, which are not cooperative societies, is not eligible for deduction u/s 80P(2)(d) of...

Denial of deduction claimed u/s 80P (2)(d) - AO disallowed the benefit by invoking the provision of section 154 for rectification of mistake change of opinion - interest...

Deduction u/s 80P - interest income received from parking its surplus funds with Co-operative Bank - interest would be eligible for claim of deduction under section...

Quick Updates: