Extension for co-op societies to claim 80P deduction for delays in account audits for AY 2023-24.

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Extension for co-op societies to claim 80P deduction for delays in account audits for AY 2023-24.

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....This circular relates to 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 for the Assessment Year 2023-24. The Central Board of Direct Taxes received applications from co-operative societies seeking condonation of delay in furnishing returns due to delay in getting accounts audited under respective State Laws. To mitigate genuine hardship, the Board exercised powers u/s 119 and extended the applicability of Circular No.13/2023 dated 26.07.2023 to AY 2023-24, subject to conditions stipulated therein. The circular aims to provide relief to assessees facing delays in filing returns claiming deduction u/s 80P.....

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Extension for co-op societies to claim 80P deduction for delays in account audits for AY 2023-24.