{"id":14373,"date":"2020-12-12T16:37:57","date_gmt":"2020-12-12T16:37:57","guid":{"rendered":"https:\/\/itatonline.org\/digest\/vishwas\/effect-of-40a3-disallowance-on-eligible-deduction-under-section-80p2ai-2\/"},"modified":"2020-12-17T03:32:05","modified_gmt":"2020-12-17T03:32:05","slug":"effect-of-40a3-disallowance-on-eligible-deduction-under-section-80p2ai-2","status":"publish","type":"vishwas","link":"https:\/\/itatonline.org\/digest\/vishwas\/effect-of-40a3-disallowance-on-eligible-deduction-under-section-80p2ai-2\/","title":{"rendered":"Effect of 40A(3) disallowance on eligible deduction under section 80P(2)(a)(i)."},"content":{"rendered":"<p>I am secretary of credit co-operative society. The society eligible for the deduction under 80P(2)(a)(i) .Net profit of the society is Rs 50,00,000\/- for the Financial year 2019-20. After giving effect of disallowance of Rs 6,00,000\/- under section 40A(3) and another disallowance of Rs 4,00,000\/- under section 40a(ia),the gross total income comes to 60,00,000\/-.<br \/>\nWhat will be my eligible deduction under section 80P(2)(a)(i) of the income tax act?<br \/>\nWhether it is of Rs 50,00,000\/- or 60,00,000\/-? is it liable to pay taxes on disallowances?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I am secretary of credit co-operative society. The society eligible for the deduction under 80P(2)(a)(i) .Net profit of the society is Rs 50,00,000\/- for the Financial year 2019-20. After giving effect of disallowance of Rs 6,00,000\/- under section 40A(3) and another disallowance of Rs 4,00,000\/- under section 40a(ia),the gross total income comes to 60,00,000\/-. What will be my eligible deduction under section 80P(2)(a)(i) of the income tax act? Whether it is of Rs 50,00,000\/- or 60,00,000\/-? is it liable to pay taxes on disallowances?<\/p>\n<p><a href=\"https:\/\/itatonline.org\/digest\/vishwas\/effect-of-40a3-disallowance-on-eligible-deduction-under-section-80p2ai-2\/\">read more<\/a><\/p>","protected":false},"comment_status":"open","ping_status":"closed","template":"","tags":[],"expertname":[6],"class_list":["post-14373","vishwas","type-vishwas","status-publish","hentry","expertname-dr-k-shivaram-sr-advocate"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/vishwas\/14373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/vishwas"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/vishwas"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14373"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14373"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14373"},{"taxonomy":"expertname","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/expertname?post=14373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}