ITR V FILING OF HOUSING SOCIETY

This query is : Resolved

susheel (Querist)
Follow

30 July 2023 status selected AOP for Housing society .
shown Interest income in Other sources. system is not accepting deduction u/s. 80 P.

But in computation, showing tax payable as nil due to AMT section 115c.

whether I should upload the return.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

30 July 2023 No, you are not eligible for 115c.

These deductions are provided in the Income Tax Act, 1961, under Chapter VI-A under the heading ‘C. – Deductions in respect of certain incomes’.
Under this claim 80p deduction.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

31 July 2023 If the Housing Society is registered under Co- Operative Societies Act, they have to select Status as 'Co Op Society' for income tax return filing ( PAN should have taken on that capacity). If so, the society is eligible to Claim 80 P (c) or (d) depending on the nature of the investee.
Again, if the society satisfies the above observations, they are eligible to deduct the amount claimed u/s 80P (c) for the purpose of AMT {section 115JC (2)(i)}.

Please review what you have done with the above observation , then think about return uploading.

Upgrade to CAclubindia Pro. Subscribe Now!