Corporate Law : Learn about the characteristics, types, and tax implications of cooperative societies in India, including deductions under Section...
Income Tax : Explore Circular 13/2023 on Income Tax condoning delays for returns claiming 80P deduction from AY 2018-19 to AY 2022-23. Understa...
Income Tax : TDS on Cash Withdrawals - Section 194N of Income Tax Act, 1961: Section 194N provides that every banking company, cooperative bank...
Income Tax : Understand the tax implications of interest on securities and income from house property for co-operative societies. Learn about S...
Income Tax : Section 80P: Deduction in respect of Income of Co-operative Societies In case of all co-operative societies, except co-operative b...
Income Tax : The anomalous position may be rectified by making suitable amendment in section 2(19) defining a Co-operative Society, by includin...
Income Tax : Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of ac...
Income Tax : The Tribunal held that interest income earned from mandatory reserve fund deposits and co-operative bank accounts qualifies for de...
Income Tax : The petitioner stated that reassessment notices were not acted upon because the auditor failed to inform it about the proceedings....
Income Tax : ITAT Bangalore held that the presence of associate or nominal members does not disqualify a co-operative society from claiming ded...
Income Tax : ITAT Rajkot held that revision under section 263 was not sustainable where the Assessing Officer had already conducted extensive v...
Income Tax : CBDT issues Circular No. 14/2024 allowing condonation of delay in filing tax returns for AY 2023-24 under Section 80P, benefiting ...
Income Tax : Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80...
Income Tax : Circular No. 6/2010-Income Tax 2.As Regional Rural banks (RRB) are basically corporate entities (and not cooperative societies, t...
ITAT Raipur held that cooperative society is entitled for claiming deduction u/s. 80P(2)(d) of the Income Tax Act in respect of dividend received on shares of cooperative banks.
Supreme Court of India clarifies the eligibility of cooperative societies for Section 80P deductions under the Income Tax Act, based on their banking activities.
Calcutta High Court’s ruling that co-operative societies are entitled to Section 80P(2)(a)(i) deduction for interest earned from statutory reserves, as per Income Tax Act
Assessee argued that since they were subject to audit under the Maharashtra State Co-Operative Act, their due date under Section 139(1) of the Income Tax Act was extended to October 31, 2018. Thus, they filed their ITR well within the time limit.
ITAT Mumbai held that deduction claimed u/s. 80P(2)(d) of the Income Tax Act cannot be denied by invoking another sub-section of 80P. Accordingly, disallowance of deduction claimed u/s 80P deleted.
ITAT Bangalore held that the interest income earned by a cooperative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Income Tax Act.
Insights into ITAT Delhi’s verdict on the denial of income tax deduction due to belated returns under Section 139(4) of the Income Tax Act for AY 2019-20.
ITAT Bangalore held that section 80P(2)(d) of the Income Tax Act provides deduction to co-operative society from income earned by way of interest/ dividends from its investment with any other co-operative society.
In an ITAT Kolkata ruling, deduction u/s 80P for AY 2019-20 was allowed due to timely filing within the due date specified by CBDT. The CPC’s adjustment was deemed beyond its jurisdiction before April 2021
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.
