LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Deduction u/s 80P

Anitya ( ) (287 Points)

05 September 2020

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

Reply
Follow
Share

2 Replies

Ajay (CA Job) (512 Points)
Replied 05 September 2020

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

1 Like

Anitya ( ) (287 Points)
Replied 06 September 2020

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?