Hi every one
Recevied Demand Notice under secation Code 1431a.
I filed ITR 5 of one of my society, this society mainly providing cerdit loan facility to there member.
i filed Return,
all the profit of that society, i get 80P Deducation
but in the intemation of 143 CPC not privide me that 80P deducation and Raised demand on that profit
then what i do
co-operative-societies-engaged-banking-business-public-not-eligible-deduction-us-80p-act
“With the insertion of sub-section (4) by the Finance Act, 2006, which is in the nature of a proviso to the aforesaid provision, it is made clear that such a deduction shall not be admissible to a co-operative bank. However, if it is a primary agriculture credit society or a primary co-operative agriculture and rural development bank, the deduction would still be provided. Thus, co-operative banks are now specifically excluded from the ambit of Section 80P of the Act.”
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