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ITR 5 excel utility error 80p(2)(d)

Sumit Songara (Assistant Executive) (51 Points)

24 December 2022

error in ITR 5 > 80p > showing value claimed cannot exceed income declared in P&L. & Not allowing to calculate tax.

However assesse is showing respective income under Other Source.

Can anyone please suggest how to resolve the same

thank you

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161308 Points)
Replied 25 December 2022

Unless delay condoned by CIT, the deduction under section 80P is not allowed if the return filled after the due date as per sec. 139(1) of the act.

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Sumit Songara (Assistant Executive) (51 Points)
Replied 25 December 2022

Original Return filled on or before due date

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161308 Points)
Replied 25 December 2022

Section 80P(5) provides that where the assessee fails to make a claim in his return of income for any deduction, inter alia, under any provision of Chapter VI-A under the heading “C. — Deductions in respect of certain incomes”, no deduction shall be allowed to him thereunder.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161308 Points)
Replied 25 December 2022

Also Note:::

Deduction under section 80P(2)(d) “Interest and Dividend from Investment” should not be more than sum of Sl.No. (1a + 1bii) of Schedule OS i.e. Deduction u/s 80P(2)(d) can not me more than Dividend Amount + Interest from Deposits
Deduction under section 80P(2)(a)(i) to (vii) cannot be more than business income
- Business income: Non-speculative and Non-specified business income and Non-presumptive income
Deduction under section 80P(2)(f) Others will be allowed only when Gross total income is less than or equal to Rs 20000 and i.e. Deduction under section 80P(2)(f) is not allowed if Gross total income is more than Rs 20000.
Deduction under section 80P(2)(b) cannot be more than the business income
Deduction under section 80P(2)(e) can be claimed if the rental income included in gross total income
Deduction under section 80P(2)(c)(i) “Consumer Cooperative Society Other than specified in 80P(2a) or 80P(2b)” cannot be more than Rs 100000
Deduction under section 80P(2)(c)(ii) cannot be more than Rs 50000
Deduction under section 80P is allowed only to
- “Primary Agricultural Credit Society,
- Primary Co-operative Agricultural and,
- Rural Development Bank, Other Cooperative Society”