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Section 80 P deduction to Co operative housing society

Nikhil Joshi (Chartered Accountant) (54 Points)

24 March 2022

While filing ITR-5 for co operative housing soceity registered under co operative society act, I am not able to fill income details like interest on fixed deposits received by co operative housing society from another co operative bank since that schedule is disabled to fill any details. I am trying to fill ITR online. Kindly help me. Thanks in advance.

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3 Replies

Nikhil Joshi (Chartered Accountant) (54 Points)
Replied 24 March 2022

I mean Schedule 80 P under list of schedules which appear at the start, even after ticking it at the end, that schedule is disabled and message is coming out that schedule 80 P is applicable only when co operative society is agricultural society or rural agricultural bank only.

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Balaji.d (81 Points)
Replied 24 March 2022

Https://indiankanoon.org/doc/177373132/ ready with case study under stand rules and regulations

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 05 May 2022

100% deduction is available under Section 80P towards the Profit And Gains attributable to following activities: Co-operative society carrying on the business of banking or providing credit facilities to the members of the society. Co-operative society engaged in cottage industry.