Permissible Deductions From Gross Total Income
Deductions allowed under Chapter VI-A i.e., sections 80C to 80U, cannot exceed gross total income of an assessee excluding short term capital gains under section 111A and any long term capital gains. Deductions under sections 80C to 80DDB are listed below.
Read more about this topic: Income Tax In India
Famous quotes containing the words permissible, deductions, gross, total and/or income:
“Fences, unlike punishments, clearly mark out the perimeters of any specified territory. Young children learn where it is permissible to play, because their backyard fence plainly outlines the safe area. They learn about the invisible fence that surrounds the stove, and that Grandma has an invisible barrier around her cabinet of antique teacups.”
—Jeanne Elium (20th century)
“In the one instance, the dreamer ... loses sight of this object in a wilderness of deductions and suggestions ... until ... he finds the incitamentum, or first cause of his musings,... forgotten. In my case, the primary object was invariably frivolous, although assuming, through the medium of my distempered vision, a refracted and unreal importance.”
—Edgar Allan Poe (1809–1849)
“In the gross and scope of mine opinion,
This bodes some strange eruption to our state.”
—William Shakespeare (1564–1616)
“Unlike Descartes, we own and use our beliefs of the moment, even in the midst of philosophizing, until by what is vaguely called scientific method we change them here and there for the better. Within our own total evolving doctrine, we can judge truth as earnestly and absolutely as can be, subject to correction, but that goes without saying.”
—Willard Van Orman Quine (b. 1908)
“The secret of success lies never in the amount of money, but in the relation of income to outgo.”
—Ralph Waldo Emerson (1803–1882)