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Deduction 80p

WebJan 13, 2024 · The Supreme Court held that loans given by co-op credit societies to nominal members would qualify for the purpose of deduction under section 80P (2) (a) (i) of the Income Tax Act. The co-operative societies who have been registered as ‘primary agricultural credit societies’, together with one ‘multi-State co-operative society’, and ... WebNov 5, 2024 · The Income Tax Appellate Tribunal (ITAT), Jaipur Bench held that the interest received by the assessee from the Cooperative Bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act as the Jaipur Central Cooperative Bank is a Cooperative Society registered under Cooperative Societies Act.. The Assessee, Shahpura Gram …

Tax Deduction Under Section 80P Of The Income Tax Act

WebMar 25, 2024 · By Fidha Lulu K G - On March 25, 2024 3:15 pm - 2 mins read. The Rajkot bench of Income Tax Appellate Tribunal (ITAT) held that the Income Tax deduction under section 80P cannot be denied for non-filing of ITR within the due date. The assessee is a co-operative society duly registered under the Gujarat Co-operative Societies Act. WebIn accordance with the provisions of tax deduction under section 80D, a deduction of Rs 25,000 is allowed, as already mentioned before. Out of this overall amount, Rs 5,000 can … susan mitchell dallas cowboy cheerleader https://departmentfortyfour.com

Deduction u/s. 80P can’t be denied merely for non filing of ITR

WebFeb 10, 2024 · However, section 143(1)(a)(v) of the Act provides that disallowance of deduction claimed under any of the provisions of Chapter VI-A under the heading “C.— … WebApr 11, 2024 · Tax Deduction under Section 80P Section 80P caters to cooperative societies, offering tax deductions on their income, subject to certain conditions. 100% deduction is permitted to cooperative societies … WebMar 1, 2024 · The Assessing Officer took the case for “limited scrutiny” in view of the CASS guidelines and found that the assessee is not entitled to claim the deduction u/s 80P of … susan moberly state farm

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Deduction 80p

IN THE INCOME TAX APPELLATE TRIBUNAL “SMC - A” BENCH …

Web80p. 2 Deduction in respect of income of co- operative societies (1) Where, in the case of an assessee being a co- operative society, the gross total income includes any income referred to in sub- section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub- section (2), in ... WebDEDUCTIONS FROM GROSS TOTAL INCOME 11.83 (12) Deduction in respect of certain income of Producer Companies [Section 80PA] (i) Applicability: Under section 80P, 100% deduction is available in respect of profits of co-operative society which provide assistance to its members engaged in primary agricultural activities. A similar benefit has been …

Deduction 80p

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WebApr 13, 2024 · The Commissioner of Income Tax – [(2016) 384 ITR 490 (Ker)] that appear to suggest that a claim for deduction U/s. 80P can be entertained even if it is made in a return filed beyond the time permitted under the IT Act, ignores the perspective that sees the requirement of the claim for deduction being made in a valid return as a pre-condition ... WebApr 20, 2024 · Section 80P of the Income Tax Act offers tax deductions to cooperative societies for certain economic activities. If you have a cooperative society, you can get …

Webdeduction u/s, 80P of the Act. During the course of assessment proceedings being carried out after selecting the case for scrutiny through CASS for examining the deduction u/s. 80P followed by serving of valid notices u/s. 143(2)/142(1) of the Act, the ld. AO found that the assessee earned interest income on short term deposit and WebAug 30, 2024 · INCOME TAX : Enabling provisions of sub-clause (v) of section 143(1) providing for disallowance of deduction under section 80P due to late filing of return having been introduced by Finance Act, 2024 effective from 1-4-2024, disallowance of deduction claimed under section 80P during relevant years 2024-19 and 2024-20 on grounds of …

WebMay 10, 2024 · Section 80P of the Income Tax Act allows for Income Deductions for Co-operative Societies in India. Section 80P is one of the controversial sections in the Income Tax Act, with number of cases still running in the Courts. The deduction under section80P is allowable in respect of following incomes, which are included in gross total income of …

WebSep 30, 2024 · 80P schedule will be auto-highlighted once you properly follow my reply. That's why I asked for those details in my earlier reply. Note that 80P deduction is available only on interest from Co- operative banks. So once you fill schedule OS properly then 80P is auto filled (ITR5 Excel utility) sabyasachi mukherjee (17741 Points) Replied 30 ...

WebJul 29, 2002 · Section 80P(2)(c)(iiSection 80P(2)(c)(ii) amounting to Rs.50,000, the assessee also claimed further deduction of Rs.3,07,37,988 under section 80P(2)(d) of the Act. H...by the AO after scrutiny about amendment of section 80P, the assessee filed re-revised return on 29.12.2009, seeking to withdraw the claim of above deduction susan moffitt shreveportWebMar 27, 2024 · The Rajkot bench of the Income Tax Appellate Tribunal has ruled that, under Section 80P, the income tax deduction cannot be refused due to failure to file an Income-tax return by the deadline. The assessee is duly registered with a co-operative society under the Gujarat Co-operative Societies Act. The assessee's primary source of revenue comes susan molly saundersWebDec 27, 2024 · Pune ITAT allows deduction u/s. 80P(2)(a)(i) & 80P(2)(d) in respect of interest income on its investment Despite a few contrary rulings by the Karnataka High … susan moffat thomas new bern nc