Mistake in filling statement of income

while filling return of a society we file society income ( except interest income ) as business income and we show the interest received by apex bank as other sources

and claim whole income ( business and other income ) under 80 p


now department issue 143 (1) demand notice they allow deduction under 80p to the extent business income we declare.


my question whether I file revised return by showing whole income as business income and deduct whole income under 80p
or
rectification is necessary? if yes kindly provide link to do the same.

thank you...
Replies (3)
Quick Summary
A society incorrectly declared interest from an apex bank as 'other income' instead of 'business income' when filing their tax return. They claimed a deduction under Section 80P on this, but the tax department only allowed it on the declared business income. The user is asking whether to file a revised return or seek rectification, and if the interest from the apex bank is indeed eligible for 80P deduction.

Interest received bank is not deductible under section 80p and it is chargeable to tax
Sir interest received by apex bank is considered as business income to the society. but we wrongly declared as other source. @ Rama Krishnan
Only interest received on deposits made with co-operative societies are eligible for deduction under 80P and not interest received on deposits made with banks

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details