The Central Board of Direct Taxes (CBDT) has issued Circular No. 14/2024 on October 30, 2024, allowing condonation of delay in filing income tax returns for co-operative societies claiming deductions under Section 80P of the Income-tax Act for the Assessment Year (AY) 2023-24. These societies had encountered delays in submitting returns due to prolonged auditing processes mandated by respective state laws. Under Section 119(2)(b) of the Act, CBDT’s directive permits these late returns to be considered as timely filed, equivalent to returns submitted within the due date under Section 139(1). This circular essentially extends the scope of a previous directive (Circular No. 13/2023) issued on July 26, 2023, to cover AY 2023-24, thereby alleviating procedural hardship for affected entities. The conditions set forth in Circular No. 13/2023 remain applicable. This move aims to ensure compliance and facilitate the filing process for co-operative societies struggling with audit delays, enabling them to claim their rightful tax deductions under Section 80P. A Hindi version of the circular will be released subsequently.
F.No.173/92/2024-ITA-1
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Circular No. 14/2024 – Income Tax | Dated: 30th October, 2024
Sub: – Condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 for returns of income claiming deduction u/s 80P of the Act for Assessment Year 2023-24-Reg.
Applications have been received in the Central Board of Direct Taxes (hereafter referred to as ‘the Board’) from co-operative societies claiming deduction u/s 80P of the Act for assessment year 2023-24, regarding condonation of delay in furnishing return of income and to treat such returns as ‘returns furnished on or before the due date under subsection (1) of section 139 of the Act’ stating that delay in furnishing return of income was caused due to delay in getting the accounts audited under the respective State Laws.
2. In order to mitigate the genuine hardship to the assessees, the Board, in exercise of its powers conferred under section 119 of the Act, hereby extends the applicability of Circular No.13/2023 dated 26.07.2023 to the AY 2023-24, subject to the conditions stipulated therein.
3. Hindi version to follow.
[Vikas Singh]
Director (ITA-1)
Copy to:
1. PS to FM/OSD to FM/PS to MoS (R)/OSD to MoS(R)
2. PPS to Secretary (Revenue)
3. Chairman, CBDT & All Members, CBDT
4. All Principal Chief Commissioners of Income-tax/Principal Director Generals of Income-tax.
5. Chief Controller of Accounts, New Delhi
6. All Joint Secretaries/CsIT, CBDT
7. Web Manager, 0/o Pr.DGIT(Systems) with request to upload on the departmental website.
8. Commissioner of Income-tax (Media & TP) and official Spokesperson, CBDT, New Delhi.
9. Secretary General, IRS Association/Secretary General, ITGOA/All-India Income Tax SC & ST Employees’ Welfare Association/Income Tax Employees Federation (ITEF).
10. CIT, Data-Base Cell for uploading on www.irsofficersonline.org
Director (ITA-1)
