Condonation of delay for returns claiming deduction u/s 80P
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 of the Act for Assessment Year 2023-24 – Circular No. 14/2024
Applications have been received in the Central Board of Direct Taxes (hereafter referred to as ‘the Board’) from co-operative societies claiming deduction u/s 80P of the Act for assessment year 2023-24, regarding condonation of delay in furnishing return of income and to treat such returns as ‘returns furnished on or before the due date under subsection (1) of section 139 of the Act’ stating that delay in furnishing return of income was caused due to delay in getting the accounts audited under the respective State Laws.
- In order to mitigate the genuine hardship to the assessees, the Board, in exercise of its powers conferred under section 119 of the Act, hereby extends the applicability of Circular No.13/2023 dated 26.07.2023 to the AY 2023-24, subject to the conditions stipulated therein.
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