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Introduction (Deductions From Gross Total Income) - Taxation | Income Tax for assessment (Inter Level) PDF Download
General conditions applicable to all sections
a. Deductions u/s 80C to 80U cannot exceed Gross Total Income. [Section 80A]
b. Deduction u/s 80C to 80U is available only from normal income. [Balance Income / Regular Income]. It is not available from special income and casual income.
Note 1: For computation of tax total income is divided into 3 categories.
(a) Special Income (b) Casual Income (C) Normal Income
Note 2: Special incomes are income charged under the head capital gain. They are subjected to concessional rates of tax. There are two types of special income
i. LTCG and
ii. STCG (STT paid)
Note 3: LTCG STT paid is exempt from tax u/s 10(38). STCG is treated as normal income.
Note 4: Casual incomes are lotteries, income from races etc.,
E.g. Suppose Income from Salary is 5,000 and LTCG 10,000, STCG (STT paid) 20,000 and Casual Income 60,000. Now the deduction u/s 80C to 80U cannot exceed 5,000.
Deduction under section 80C
a. Section 80C(1). Deduction under section 80C is available only to individual or HUF whether the assessee is a resident or Non-resident, Indian citizen or a foreign citizen (Deduction u/s 80C is not allowed to Firm, Company, etc.)
b. As per section 80CCE maximum deduction allowed u/s 80C + 80CCC + 80CCD (Only Employee’s Contribution / Individual contribution) is Rs. 1,50,000.
c. Deduction is allowed in that year in which investment or expenditures is made.
E.g. Suppose where the employee contributes towards RPF on 1-4-2016, then deduction is available in the PY 2016-17, since contribution is made in the PY 2016-17.
d. Gross qualifying amount (Prescribed savings + expenditure) shall be allowed as deduction even if the amount is paid out of exempted income or out of borrowed fund.
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FAQs on Introduction (Deductions From Gross Total Income) - Taxation - Income Tax for assessment (Inter Level)
| 1. What is meant by deductions from gross total income? |  |
Ans. Deductions from gross total income refer to certain expenses or investments that are allowed to be subtracted from a person's total income before calculating the taxable income. These deductions help in reducing the tax liability of an individual or a business entity.
| 2. What are some common deductions from gross total income? | |
Ans. Some common deductions from gross total income include expenses related to medical treatments, insurance premiums, home loan interest, education loans, donations to charitable organizations, and contributions to provident funds or retirement schemes. These deductions are allowed under specific sections of the income tax laws.
| 3. How are deductions from gross total income different from exemptions? | |
Ans. Deductions from gross total income are different from exemptions in the sense that deductions are subtracted from the total income to arrive at the taxable income. On the other hand, exemptions are certain types of income that are completely exempt from tax. Exemptions are not included in the total income calculation.
| 4. Are all deductions from gross total income available to every taxpayer? | |
Ans. No, not all deductions from gross total income are available to every taxpayer. The availability of deductions depends on various factors such as the nature of income, occupation, age, and specific provisions mentioned in the income tax laws. Some deductions may be limited to certain categories of taxpayers or may have certain conditions attached to them.
| 5. How can I claim deductions from my gross total income while filing my income tax return? | |
Ans. To claim deductions from your gross total income, you need to provide the necessary details and supporting documents while filing your income tax return. The deductions should be claimed under the relevant sections of the income tax laws, and the prescribed forms or schedules should be filled accurately. It is advisable to consult a tax professional or refer to the official tax guidelines for proper guidance on claiming deductions.
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