EXISTING PROVISION – Section 80AC.
Deduction not to be allowed unless return furnished.—Where in computing the total income of an assessee of the previous year relevant to the assessment year commencing on the 1st day of April, 2006 or any subsequent assessment year, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC, no such deduction shall be allowed to him unless he furnishes a return of his income for such assessment year on or before the due date specified under sub-section (1) of section 139.”.
2018 BUDGET AMENDMENT
To have one principle in respect of certain incomes, it is now proposed that the scope of section 80AC shall be extended to all similar deductions which are covered in heading “C.—Deductions in respect of certain incomes” in Chapter VIA
After this amendment deduction will be available only if return is filed on or before due date .In other words below deduction is not allowed if return is not filed on or before due date
Deductions which are covered in heading “C.—Deductions in respect of certain incomes” in Chapter VIA are –
| Part C. – Deductions in respect of certain incomes | |
| Section 80H | Deduction in case of new industrial undertakings employing displaced persons, etc. |
| Section 80HH | Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas |
| Section 80HHA | Deduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areas |
| Section 80HHB | Deduction in respect of profits and gains from projects outside India |
| Section 80HHBA | Deduction in respect of profits and gains from housing projects in certain cases |
| Section 80HHC | Deduction in respect of profits retained for export business |
| Section 80HHD | Deduction in respect of earnings in convertible foreign exchange |
| Section 80HHE | Deduction in respect of profits from export of computer software, etc. |
| Section 80HHF | Deduction in respect of profits and gains from export or transfer of film software, etc. |
| Section 80I | Deduction in respect of profits and gains from industrial undertakings after a certain date, etc. |
| Section 80IA | Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. |
| Section 80IAB | Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone |
| Section 80IAC | Special provision in respect of specified business. |
| Section 80IB | Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings |
| Section 80IBA | Deductions in respect of profits and gains from housing projects. |
| Section 80IC | Special provisions in respect of certain undertakings or enterprises in certain special category States |
| Section 80ID | Deduction in respect of profits and gains from business of hotels and convention centres in specified area |
| Section 80IE | Special provisions in respect of certain undertakings in North-Eastern States |
| Section 80JJA | Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste |
| Section 80JJAA | Deduction in respect of employment of new employees |
| Section 80LA | Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre |
| Section 80O | Deduction in respect of royalties, etc., from certain foreign enterprises |
| Section 80P | Deduction in respect of income of co-operative societies |
| Section 80Q | Deduction in respect of profits and gains from the business of publication of books |
| Section 80QQA | Deduction in respect of professional income of authors of text books in Indian languages |
| Section 80QQB | Deduction in respect of royalty income, etc., of authors of certain books other than text-books |
| Section 80R | Deduction in respect of remuneration from certain foreign sources in the case of professors, teachers, etc. |
| Section 80RR | Deduction in respect of professional income from foreign sources in certain cases |
| Section 80RRA | Deduction in respect of remuneration received for services rendered outside India |
| Section 80RRB | Deduction in respect of royalty on patents |
In Respect of above Sections deductions will not be permitted if Income Tax Return is not filed within the time permitted U/s. 139(1) of Income Tax Act,1961 for Assessment Year 2018-19 and Onwards.
(Author can be reached at Subiin54@rediffmail.com)
Author Bio
hi,
we have filed ITR 5 of co-operative society as on 01/11/2019 for AY 2019-20 [FY2018-19].
Extended last due date of filing ITR was 31/10/2019.
We want to know that there is any way for condonation of deduction of 80P in case of late filing.
AS PER 143(1)(a)(v), only following are not to be claimed if return is not filed in time please clarify
10AA,80IB, 80IC,80ID,80E.
I am so sorry to say that A co-operative Society is not getting any benefit either work or IT matters especially labour, Engineers and service Co-operative Society question is why the public formed co-operative Society. For example: if any individual assesse executed a work of Rs. 20,00,000.00 and profit earned Rs. 160000.00 then he is not liable to pay income tax whereas in that A co-operative is liable to pay Tax of Rs. 46350.00. I think that it is contravention of law. Previous tax calculation is wrong
I am so sorry to say that A co-operative Society is not getting any benefit either work or IT matters especially in case of Labour , Engineers and Service Co-operative Society question is why the Unemployed young boy formed Co-operative Society. For example: if any individual assesse executed a work of Rs. 20,00,000.00 and profit earned Rs. 160000.00 then he is not liable to pay income tax whereas in that case A co-operative Society is liable to pay Tax of Rs. 46350.00 if the Co-operative Society is not filled return in due time U/S 80P is not allowed . I think that it is contravention of law
previous Tax calculation is wrong.
I am so sorry to say that A co-operative Society is not getting any benefit either work or IT matters question is why the public formed co-operative Society. For example: if any individual assesse executed a work of Rs. 20,00,000.00 and profit earned Rs. 160000.00 then he is not liable to pay income tax whereas in that A co-operative is liable to pay Tax of Rs. 52530.00. I think that it is contravention of law.
Is there any solution if failed to file Cooperative society’s (to claim deduction U/s 80P) Return of Income with in due date like filing condonation request. If it is possible before whom we can file condonation.
Is there any solution if failed to file Cooperative society’s (to claim deduction U/s 80P) Return of Income with in due date like filing condonation request. If it is possible before whom we can file condonation.
Is there any solution if failed to file Cooperative society’s (to claim deduction U/s 80P) Return of Income with in due date like filing condonation request. If it is possible before whom we can file condonation.