CBDT Circular: Condonation of Delay for Income Tax Returns Claiming Deduction Under Section 80P for AY 2023-24
đź“… Date: October 31, 2024
đź“‚ Categories: #CBDTNotification #NotificationsAndCirculars
⌛ Read Time: 4 Min
The Central Board of Direct Taxes (CBDT) has issued Circular No. 14/2024 on October 30, 2024, addressing the condonation of delay for income tax returns claiming deductions under Section 80P of the Income Tax Act, 1961 for the Assessment Year 2023-24.
Key Points
Section 80P Deduction: The circular applies to co-operative societies claiming deductions under Section 80P.
Reason for Delay: Assessees reported delays in return submission due to late completion of account audits under respective state laws.
Condonation of Delay: The CBDT has decided to treat these delayed returns as filed within the due date under Section 139(1), reducing hardship for co-operative societies.
Extension of Circular 13/2023: The provisions of Circular No. 13/2023 dated July 26, 2023, are extended to AY 2023-24, subject to the same conditions.
This condonation offers relief to co-operative societies, allowing them to claim Section 80P deductions without penalties for late submissions.
IncomeTax #Section80P #CondonationOfDelay #CBDT
