The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 14/2024 on October 30, 2024, which allows for the condonation of delay in filing income tax returns for Assessment Year (AY) 2023-24 specifically for entities claiming deductions under Section 80P of the Income Tax Act, 1961. This circular provides relief to cooperative societies and eligible entities who, due to various reasons, were unable to file their returns within the prescribed timeline.
Under Section 80P, cooperative societies can claim deductions on income from specified activities, which play a crucial role in supporting such entities. The condonation applies under Section 119(2)(b) of the Income Tax Act, granting the CBDT authority to waive delays in specified cases to reduce financial and compliance burdens on taxpayers.
Applications have been received in the Central Board of Direct Taxes (hereafter referred to as 'the Board') from co-operative societies claiming deduction u/s 80P of the Act for assessment year 2023-24, regarding condonation of delay in furnishing return of income and to treat such returns as 'returns furnished on or before the due date under sub-section (1) of section 139 of the Act' stating that delay in furnishing return of income was caused due to delay in getting the accounts audited under the respective State Laws.
In order to mitigate the genuine hardship to the assessees, the Board, in exercise of its powers conferred under section 119 of the Act, hereby extends the applicability of Circular No.13/2023 dated 26.07.2023 to the AY 2023-24, subject to the conditions stipulated therein.
Official copy of the circular has also been attached
CAclubindia
