Deductins under Chapter VIA Comptroller and Auditor …扣除在章通过主计审计….ppt

Deductions under Chapter VIADAY 4Session I –IVSlide 4.1 An Overview 1] General provisions 2] Deduction in respect of certain payments 3] Deduction in respect of certain incomes 4]Other deductions. Slide 4.1 Gross Total Income Total income computed as per the provisions of the Act before deductions under Chapter VIA after reducing LTCG [S 80B(5) 112(2)]. Unabsorbed loss or depreciation carried forward from earlier years should be adjusted for determining GTI. Slide 4.1 Limitation on deduction Deductions under this chapter are available from GTI. Total deductions cannot exceed the GTI. If AOP or BOI is allowed certain deductions, such deductions cannot be allowed to the members out of the share income. Slide 4.1 Limitation on deduction Section 80AB provides that for the purpose of calculating the deductions specified in sections 80HH to 80TT, the net income as computed in accordance with the provisions of the Act (before making any deduction under Chapter VIA, i.e., sections 80CCC to 80U) shall alone be regarded as the income which is received by the assessee and which is included in his gross total income. Accordingly, the deductions specified in the aforesaid sections will be calculated with reference to the net income as computed in accordance with the provisions of the Act (viz., after deducting expenses under sections 30 to 43B and 57 and after adjusting losses but before making any deduction under sections 80CCC to 80U) and not with reference to the gross amount of such income, subject, however, to the other requirements of the respective sections Slide 4.1 Contribution under annuity plan of LIC for Pension [Sec. 80CCC] Individual assessee only Deduction allowable upto Rs.10,000/-. Contribution out of assessee’s income chargeable to tax. Pension or amount received on surrender of the plan along with interest bonus taxable in the year of receipt. No deduction