Deduction u/s 80P

Hi Members. Please help me in the below query.

If a Milk Producing Cooperative Society files ITR-5 for AY 2019-20 in March 2020 i.e. after the due date of Aug. 31, 2019, whether deduction u/s 80P is available or not?

Thanks

Replies (2)
Quick Summary
This discussion addresses whether a milk-producing cooperative society can claim a deduction under Section 80P if they file their Income Tax Return (ITR-5) for AY 2019-20 after the original due date. According to Section 80AC, such deductions are generally not available if the return is filed late. However, the possibility of applying for condonation of the delay is mentioned, along with considerations regarding applicable taxes and potential options for the cooperative society.

Dear Anitya

No. As per Sec.80AC, from AY 2018-19 no deduction available u/s 80P (amongst others) if return not filed within due date specified in Sec.139.

However, you may consider if you are eligible to apply for condonation as per Circular 9/2015 dated 09.06.2015.

Regards

Ajay

Thanks Ajay Sir.

There is no TDS in this case of cooperative society. Do it need to pay the applicable tax on its income, as the ITR has been filed after due date. Is there any option available for CS to save this situation?

 

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