Deduction u/s 80P(2)(a)(i) of the IT Act

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This query is : Resolved

Quick Summary

Cooperative societies that are mandatorily audited under their respective Cooperative Acts can still file their income tax returns after the 31st July deadline to claim deductions under Section 80P(2)(a)(i). This applies even if their turnover is not subject to a separate tax audit under Section 44AB of the IT Act. In such cases, there's no requirement to upload an audit report to the IT portal.

Chandra Kala

Chandra Kala (Querist)

14 September 2023 Cooperative society which are subject to audit as per Cooperative Act can submit return after 31/07/2023 to claim deduction u/s 80P(2)(a)(i) of the IT Act if Turnover is not subject to tax audit. Audit report of the cooperative Act cannot be uploaded for want of provision in IT portal.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 September 2023 Yes return can be submitted after 31st July no problem.

PARAS CHHAJED

PARAS CHHAJED

(Expert)

15 September 2023 The accounts of co-operative society are required to be audited under state Co-operative Act mandatorily and therefore the due date for submission of the return of income shall be 31st October. If there is no tax audit u/s 44AB then there is no need to upload audit report .

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