rishabhsharma (Article Assistant) (140 Points)
26 March 2019ITR-5 for AY 2017-18
Co operative society has Business income of Rs. 95,921.
Section 80P deduction claimed Rs. 95,921.
Due date of filing ITR was 05-08-2017
Date of filing return 07-02-2018
Can a co operative society claim deduction u/s 80P if it had filed ITR after due date of return?
CA Charmie Jhaveri
(Associate)
(163 Points)
Replied 26 March 2019
Yes there is no restriction on claiming deduction under section 80P. Hence it can be claimed even if return is filed after due date.
SHIVANI KUDTARKAR
(511 Points)
Replied 26 March 2019
rishabhsharma
(Article Assistant)
(140 Points)
Replied 27 March 2019
@ Shivani Kudtarkar
Which section makes it mandatory to file ITR before due date to claim deduction?
Please explain...
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 20 June 2019
1. According to sec 80AC, no deductions will be allowed under the heading "C - deductions in respect of certain income" if the return is not furnished within the due date.
2. Sec 80P is one of the income contemplated under the above chapter. Hence profits linked deductions cannot be claimed if ROI is not filed within the due date.
Please correct me if the above solution has an alternative view.
rishabhsharma
(Article Assistant)
(140 Points)
Replied 28 June 2019
Thank you for replies.
It helped me a lot.
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