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What are the basic rules governing deductions under sec. 80C to 80U ?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Uma asked about 3 years ago

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 3 years ago

BASIC RULES GOVERNING DEDUCTIONS UNDER SEC 80C- 80U. • These deductions are allowed from gross total income. • Aggregate amount of deductions under sections 80C to 80U cannot exceed (gross total income minus shortterm capital gain under section 111A minus any long-term capital gain). • Deductions under sections 80-IA to 80U is admissible in respect of “net income” computed under the provisions of the Act (i.e., income arrived at after deducting permissible deductions and adjusting current or brought forward losses). • Deduction under sections 80-IA, 80-IAB, 80-IB, 80-IC and 80-ID is not available if return of income is not submitted on or before the due date of submission of return of income. • Deduction in respect of profits and gains shall not be allowed under any provisions of section 10A or section

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered about 3 years ago

BASIC RULES GOVERNING DEDUCTIONS UNDER SEC 80C- 80U. • These deductions are allowed from gross total income. • Aggregate amount of deductions under sections 80C to 80U cannot exceed (gross total income minus shortterm capital gain under section 111A minus any long-term capital gain). • Deductions under sections 80-IA to 80U is admissible in respect of “net income” computed under the provisions of the Act (i.e., income arrived at after deducting permissible deductions and adjusting current or brought forward losses). • Deduction under sections 80-IA, 80-IAB, 80-IB, 80-IC and 80-ID is not available if return of income is not submitted on or before the due date of submission of return of income. • Deduction in respect of profits and gains shall not be allowed under any provisions of section 10A or section 10AA or section 10B or section 10BA or under sections 80H to 80RRB, if a deduction in respect of same amount under any of the aforesaid sections has been allowed in the same assessment year. The aggregate deductions under these provisions shall not exceed the profits and gains of the undertaking or unit or enterprise or eligible business, as the case may be. No deduction under the above provisions shall be allowed if the deduction has not been claimed in the return of income. • For the purpose of claiming deduction under section 35AD or under Chapter VI-A (i.e., sections 80C to 80U), the transfer price of goods and services between the undertaking (i.e., unit or enterprise eligible for these deductions) and any other undertaking or unit or enterprise or business of the assessee, shall be determined at the market value or arm’s length price, of such goods or services as on the date of transfer. Thanks

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Data?1494421730 rohit awasthi answered about 3 years ago
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