Taxes Income Taxes

Deductions under Chapter VI-A

Section 80 A

No excess deduction: The total amount of deductions under Chapter VI-A shall not exceed the gross total income of an assessee during a particular financial year.
No deduction for members of AOP/BOI:
1. If deduction is allowed in respect of total income of an AOP/BOI.
2. Such deduction will not be allowed to the member of such AOP/BOI in respect of his Total Income.
Deduction under Chapter VI A is not available in respect of-
1. Long Term Capital Gains.
2. Short Term Capital Gains subject to Securities Transaction Tax.
3. Non-resident presumptive taxation.
4. Income of Non- residents.