A co operative society having turnover less than 1crore which has its due date filing 31st December.
Unfortunately the statutory audit completed on 28th Jan 2022. Is this society is eligible to claim 80P deduction.
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80P Deduction for Cooperative societies
Replies (5)
Yes.Eligible with late fee if any for late filing
80P deductions are allowed only if the return of income is filed on or before the due date under section 139(1) of the act as per section 80AC
If you are liable to audit under any act then your due date to file ITR under 139(1) will be 15/03/2022,So you are liable to claim deduction under 80P
Deductions are eligible if filed before due date of return.
He may not be allowed to claim deduction.
He may not be allowed to claim deduction.
Deductions under Section 80P
Under this section, a certain specified income of a co-operative society engaged in specific activities is considered as a deduction if such income is included in the gross total income of the society.
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