ITR V FILING OF HOUSING SOCIETY

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This discussion clarifies the correct procedure for filing tax returns for housing societies. It highlights that housing societies registered under the Co-operative Societies Act must select 'Co-op Society' as their status. This eligibility allows them to claim deductions under Section 80P (c) or (d), and importantly, to deduct the 80P amount for Alternative Minimum Tax (AMT) calculations under Section 115JC(2)(i).

susheel

susheel (Querist)

30 July 2023 status selected AOP for Housing society .
shown Interest income in Other sources. system is not accepting deduction u/s. 80 P.

But in computation, showing tax payable as nil due to AMT section 115c.

whether I should upload the return.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

30 July 2023 No, you are not eligible for 115c.

These deductions are provided in the Income Tax Act, 1961, under Chapter VI-A under the heading ‘C. – Deductions in respect of certain incomes’.
Under this claim 80p deduction.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

31 July 2023 If the Housing Society is registered under Co- Operative Societies Act, they have to select Status as 'Co Op Society' for income tax return filing ( PAN should have taken on that capacity). If so, the society is eligible to Claim 80 P (c) or (d) depending on the nature of the investee.
Again, if the society satisfies the above observations, they are eligible to deduct the amount claimed u/s 80P (c) for the purpose of AMT {section 115JC (2)(i)}.

Please review what you have done with the above observation , then think about return uploading.

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