CBDT Grants Delay Condonation for AY 2023-24 Income Returns Claiming Section 80P

The Central Board of Direct Taxes (CBDT) has issued Circular No. 14/2024, allowing for the condonation of delay in filing income tax returns for Assessment Year (AY) 2023-24 for entities claiming deductions under Section 80P of the Income Tax Act, 1961. This circular provides relief to cooperative societies and eligible entities that were unable to file their returns within the prescribed timeline due to various reasons, such as delays in getting accounts audited under respective state laws. The condonation applies under Section 119 (2) (b) of the Income Tax Act, granting the CBDT authority to waive delays in specified cases to reduce financial and compliance burdens on taxpayers. This move aims to mitigate genuine hardships faced by assessees and ensure that eligible entities can claim their deductions without facing penalties for late filing. The circular extends the applicability of a previous circular issued in July 2023 to AY 2023-24, subject to certain conditions.