Section 80P

Income Tax Circular 13/2023: Condonation for 80P Deduction Returns

Income Tax - Explore Circular 13/2023 on Income Tax condoning delays for returns claiming 80P deduction from AY 2018-19 to AY 2022-23. Understand the criteria and process...

Overview of Section 194N & Recent Landmark Judgments of Madras HC

Income Tax - TDS on Cash Withdrawals - Section 194N of Income Tax Act, 1961: Section 194N provides that every banking company, cooperative bank, or post office shall be required to deduct tax at source from any sum paid in cash from one or more accounts maintained by the recipient. The tax shall be deducted at the rate of 2% or 5% as the case may be...

Interest on securities or house property income of co-op society – Section 80P(2)(f) deduction

Income Tax - Understand the tax implications of interest on securities and income from house property for co-operative societies. Learn about Section 80P(2)(f) deduction and eligibility criteria....

Taxation of Co-Operative Society

Income Tax - Section 80P: Deduction in respect of Income of Co-operative Societies In case of all co-operative societies, except co-operative banks (excluding a primary agricultural credit society or a primary co-operative agricultural and rural development bank), full deduction is allowable in respect of the following income: A.Where 100% deduction i...

Tax on Bank Interest of Co-Op Society, Club or Mutual Association

Income Tax - 1. Interest earned from investment in Co-operative & other banks: It is known fact that socities are earning interest income from investments such as F.D., etc. with co-operative & other banks. In the computation of total income, the assessee wrongly claim the said interest income as deduction u/s. 80P(2)(d) of the Income tax Act, 1961....

Clarify on exemption of interest on deposits by co-operative societies with multi-State cooperative banks

Income Tax - The anomalous position may be rectified by making suitable amendment in section 2(19) defining a Co-operative Society, by including therein a society registered under the Central Act currently applicable....

Section 80P Deduction not eligible on FDR Interest from Bank of Baroda: ITAT Ahmedabad

Matar Taluka Local Board Teachers Co-operative Credit Society Ltd. Vs DCIT (ITAT Ahmedabad) - ITAT Ahmedabad rules deduction u/s 80P of the Income Tax Act not applicable to interest earned on FDRs from Bank of Baroda in a landmark case....

ITAT: Interest from Co-op Banks Not Same as Co-op Society, Denies 80P(2)(d) Deduction

Bantwal Public Employees Consumers Co-operative Society Vs ITO (ITAT Bangalore) - ITAT Bangalore rules against deduction under section 80P for interest income from Co-operative Banks, impacting Bantwal Public Employees Consumers Society....

Section 80P(2)(d) Deductions for Statutorily Mandated Investments & Cost of Funds Entitlement

S. K. Goldsmiths Industrial Co-operative Society Ltd. Vs ITO (ITAT Bangalore) - ITAT Bangalore remands S. K. Goldsmiths Co-operative Society Ltd.'s case for re-examination of deduction claim under section 80P(2)(d) related to interest from banks....

Rectification Proceedings under Section 154: Limited to Obvious Mistakes

Town Vividodesha Sahakari Bhandara Niyamitha Vs ITO (ITAT Bangalore) - ITAT Bangalore rules on the scope of rectification under Section 154, emphasizing that only clear and obvious mistakes can be corrected, aiding the assessee....

Section 80P Deduction Conditional on Timely Claim in Return Filed U/s 139(1)

Madhu Souharda Pathina Sahakari Niyamitha Vs ITO (ITAT Bangalore) - Explore the ITAT Bangalore verdict on how the statutory deadline for filing returns affects eligibility for deductions under Section 80P, highlighting the case of Madhu Souharda Pathina Sahakari Niyamitha vs ITO....

Income Tax Circular: Condonation of Delay for Deduction u/s 80P

Circular No. 13/2023- Income Tax - (26/07/2023) - Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80P for AYs 2018-19 to 2022-23....

Clarification regarding eligibility of deduction under Section 80P to Regional Rural Banks

Circular No. 6/2010-Income Tax - (20/09/2010) - Circular No. 6/2010-Income Tax 2.As Regional Rural banks (RRB) are basically corporate entities (and not cooperative societies, they were considered to be not eligible for deduction under section 80P when the section was originally introduced. However, as section 22 of the Regional Rural Bank Act p...

Recent Posts in "Section 80P"

Section 80P Deduction not eligible on FDR Interest from Bank of Baroda: ITAT Ahmedabad

Matar Taluka Local Board Teachers Co-operative Credit Society Ltd. Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad rules deduction u/s 80P of the Income Tax Act not applicable to interest earned on FDRs from Bank of Baroda in a landmark case....

ITAT: Interest from Co-op Banks Not Same as Co-op Society, Denies 80P(2)(d) Deduction

Bantwal Public Employees Consumers Co-operative Society Vs ITO (ITAT Bangalore)

ITAT Bangalore rules against deduction under section 80P for interest income from Co-operative Banks, impacting Bantwal Public Employees Consumers Society....

Section 80P(2)(d) Deductions for Statutorily Mandated Investments & Cost of Funds Entitlement

S. K. Goldsmiths Industrial Co-operative Society Ltd. Vs ITO (ITAT Bangalore)

ITAT Bangalore remands S. K. Goldsmiths Co-operative Society Ltd.'s case for re-examination of deduction claim under section 80P(2)(d) related to interest from banks....

Rectification Proceedings under Section 154: Limited to Obvious Mistakes

Town Vividodesha Sahakari Bhandara Niyamitha Vs ITO (ITAT Bangalore)

ITAT Bangalore rules on the scope of rectification under Section 154, emphasizing that only clear and obvious mistakes can be corrected, aiding the assessee....

Section 80P Deduction Conditional on Timely Claim in Return Filed U/s 139(1)

Madhu Souharda Pathina Sahakari Niyamitha Vs ITO (ITAT Bangalore)

Explore the ITAT Bangalore verdict on how the statutory deadline for filing returns affects eligibility for deductions under Section 80P, highlighting the case of Madhu Souharda Pathina Sahakari Niyamitha vs ITO....

Co-op Society’s Interest Income from Co-op & Scheduled Bank Deposits Eligible for 80P(2) Deductions

Kolhapur District Central Co-op. Bank Kanista Sevakanchi Sahakar Pat Sanstha Ltd. Vs ITO (ITAT Pune)

Pune ITAT rules in favor of a Co-operative Society, affirming that interest income from Co-operative/Scheduled Banks qualifies for deduction under section 80P(2)....

Section 80P(2)(d) Deduction eligible on Interest Income of Co-Op Societies from Investments in Unlicensed Co-op Banks

Minority Co-op. Credit Society Ltd. Vs ITO (ITAT Bangalore)

ITAT Bangalore rules in favor of Minority Co-op. Credit Society Ltd. on interest income deduction under section 80P(2)(d) from unlicensed co-op bank investments for AY 2017-18....

Section 80P(2)(d) deduction allowable to Co-Op Society on Interest Income from co-op banks

Reserve Bank Staff and Officers Vs ITO (ITAT Mumbai)

Explore ITAT Mumbai's interpretation on Section 80P(2)(d) deductions for Co-Op Societies on interest income from co-op banks, setting a precedent for future tax assessments....

Discrepancies in KYC docs don’t constitute incriminating material: ITAT Mumbai

Renukamata Multi–State Co–operative Society Ltd. Vs ACIT (ITAT Mumbai)

Discrepancies in KYC docs don't constitute incriminating material. ITAT cancels income tax addition for Renukamata Multi-State Co-op Society Ltd. vs ACIT....

AO cannot restrict cost of fund on ad-hoc basis without any legal basis: ITAT Bangalore

Sri Kanyakaparameshwari Vividoddesha Sahakara Sangha Niyamita Vs ITO (ITAT Bangalore)

Explore the ITAT Bangalore ruling in Sri Kanyakaparameshwari Vividoddesha Sahakara Sangha Niyamita vs. ITO case. AO's 15% flat rate on ad-hoc basis for cost of funds deleted. Details here....

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