Deduction 80p
WebJan 13, 2024 · The Supreme Court held that loans given by co-op credit societies to nominal members would qualify for the purpose of deduction under section 80P (2) (a) (i) of the Income Tax Act. The co-operative societies who have been registered as ‘primary agricultural credit societies’, together with one ‘multi-State co-operative society’, and ... WebApr 20, 2024 · Section 80P of the Income Tax Act offers tax deductions to cooperative societies for certain economic activities. If you have a cooperative society, you can get …
Deduction 80p
Did you know?
WebJan 27, 2024 · It is observed that the AO while processing the return u/s 143(1) has disallowed the assessee’s claim of deduction u/s 80P,since the return was filed after the due date as per sec. 139(1). The provisions of Section 8OAC prior to the amendment vide Finance Act 2024 w.e.f. 04.2024 provided that deduction only under sections 80-IA, 80- … WebMar 25, 2024 · By Fidha Lulu K G - On March 25, 2024 3:15 pm - 2 mins read. The Rajkot bench of Income Tax Appellate Tribunal (ITAT) held that the Income Tax deduction under section 80P cannot be denied for non-filing of ITR within the due date. The assessee is a co-operative society duly registered under the Gujarat Co-operative Societies Act.
WebCooperative society tax rate in 2024. Do note that as per section 115BAD, residential co-operative societies can opt to pay tax at the rate of 22% from AY 2024-22. However, the total income will be computed without … WebMay 10, 2024 · Section 80P of the Income Tax Act allows for Income Deductions for Co-operative Societies in India. Section 80P is one of the controversial sections in the Income Tax Act, with number of cases still running in the Courts. The deduction under section80P is allowable in respect of following incomes, which are included in gross total income of …
WebApr 13, 2024 · The Commissioner of Income Tax – [(2016) 384 ITR 490 (Ker)] that appear to suggest that a claim for deduction U/s. 80P can be entertained even if it is made in a return filed beyond the time permitted under the IT Act, ignores the perspective that sees the requirement of the claim for deduction being made in a valid return as a pre-condition ... WebFeb 10, 2024 · However, section 143(1)(a)(v) of the Act provides that disallowance of deduction claimed under any of the provisions of Chapter VI-A under the heading “C.— Deductions in respect of certain incomes” (which includes deduction under section 80P of the Act), can be made if the return is furnished beyond the due date specified under sub ...
WebSep 6, 2024 · Section 80P of the Income Tax Act: Deduction in respect of income of co-operative societies. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums …
WebJul 29, 2002 · Section 80P(2)(c)(iiSection 80P(2)(c)(ii) amounting to Rs.50,000, the assessee also claimed further deduction of Rs.3,07,37,988 under section 80P(2)(d) of the Act. H...by the AO after scrutiny about amendment of section 80P, the assessee filed re-revised return on 29.12.2009, seeking to withdraw the claim of above deduction teachers week ideasWebAug 18, 2024 · 2. Whether the Id. C.I.T. (A) was correct in holding that the Appellant was disentitled for claiming the benefit of deduction u/s. 80P of the Act for belated filing of ITR by virtue of the provisions contained in Sec. 80AC of the Act even when appellant’s delay condonation application filed u/s. 119 (2) (b) of the Act before the Prl. C.I.T ... teachers week decorationsWeb1. Chapter VIA Part C of the Income Tax Act deals with profit linked deductions. Sec 80P contained therein, provides deduction to a co-operative society in respect of its income. … teachers weekly report sampleWebSep 28, 2024 · The deductions are allowed from gross income under section 80P after reducing the deductions under the above-mentioned sections. What is the deduction … teachers weekly plannerWebJun 8, 2024 · During the course of the assessment proceedings, it was submitted by the assessee that it was a co-operative credit society and its only business was to grant medium term, short term and long term loans to its members.It was observed by the A.O that the assessee had claimed deduction under Sec. 80P(2) of Rs. 1,64,84,079/-. However, the … teachers week gift ideasWebFeb 10, 2024 · However, section 143(1)(a)(v) of the Act provides that disallowance of deduction claimed under any of the provisions of Chapter VI-A under the heading “C.— … teachers weekly planner templateWebMar 27, 2024 · The Rajkot bench of the Income Tax Appellate Tribunal has ruled that, under Section 80P, the income tax deduction cannot be refused due to failure to file an Income-tax return by the deadline. The assessee is duly registered with a co-operative society under the Gujarat Co-operative Societies Act. The assessee's primary source of revenue comes teacher sweepstakes