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80P Deduction for Cooperative societies

R.Venkadesh (Article Assistant) (155 Points)

09 February 2022

A co operative society having turnover less than 1crore which has its due date filing 31st December.
Unfortunately the statutory audit completed on 28th Jan 2022. Is this society is eligible to claim 80P deduction.

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5 Replies

Eswar Reddy S (CFO- at NHTF) (58259 Points)
Replied 09 February 2022

Yes.Eligible with late fee if any for late filing

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rama krishnan (12234 Points)
Replied 09 February 2022

80P deductions are allowed only if the return of income is filed on or before the due date under section 139(1) of the act as per section 80AC

1 Like

Chetz Rao (114 Points)
Replied 09 February 2022

If you are liable to audit under any act then your due date to file ITR under 139(1) will be 15/03/2022,So you are liable to claim deduction under 80P

1 Like

sabyasachi mukherjee (27105 Points)
Replied 10 February 2022

Deductions are eligible if filed before due date of return.
He may not be allowed to claim deduction.

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debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 10 February 2022

Deductions under Section 80P Under this section, a certain specified income of a co-operative society engaged in specific activities is considered as a deduction if such income is included in the gross total income of the society.