R.Venkadesh (Article Assistant) (165 Points)
29 July 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 29 July 2024
You need to opt for old regime by filing form before due date.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 30 July 2024
Section 115BAD is applicable for all other resident co-operative societies registered on or after 1s April 2021, and eligible to opt and pay applicable tax rate @ 22% on their Total Income. Form 10IF is required to submit to avail this option.
Please note once this new tax regime provision is exercised u/s 115BAD or 115BAE, then same provision will be applicable for all subsequent AY’s, and it cannot be withdrawn later for any Assessment year.
Deduction under section 80P is allowed only to
“Primary Agricultural Credit Society,
Primary Co-operative Agricultural and,
Rural Development Bank, Other Cooperative Society”
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 30 July 2024
The deduction under Section 80P is applicable solely to primary agricultural credit societies or rural development and primary cooperative agricultural banks.
Taxpayer is not expected to file the form 10IF or 10IFA every year. Taxpayer is required to file
the Form 10IF or 10IFA only once within due date as per section 139(1) in the year in which the
taxpayer wants to opt for the new tax regime for the first time.
A Co-operative society opting to pay taxes under the special provisions i.e. Section 115BAD or 115BAE cannot claim deduction under Section 80P.
R.Venkadesh
(Article Assistant)
(165 Points)
Replied 30 July 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 30 July 2024
No. Once new regime opted, society cannot opt out to old regime again.
R.Venkadesh
(Article Assistant)
(165 Points)
Replied 30 July 2024
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