The Ministry of Finance, (MoF), on October 30, 2024, issued a notification regarding the 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.
applications from cooperative societies seeking a deduction under Section 80P of the Act for the Assessment Year 2023-24. These societies have requested the condonation of delays in filing their income returns and have asked that these returns be treated as submitted "on or before the due date" under Section 139(1) of the Act, citing delays in account audits under relevant State laws as the cause. To alleviate this hardship, the Board, under its authority in Section 119 of the Act, has extended the applicability of Circular No. 13/2023 dated July 26, 2023, to AY 2023-24, contingent upon the conditions specified in the circular.
[Notification No. .173/92/2024·ITA-1]
