May 2023

Deduction in respect of contribution to certain pension funds (1) Where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer […]

Submission of return for losses Notwithstanding anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139, shall be carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (2) of section 73A or sub-section

Deductions to be made in computing total income (1) In computing the total income of an assessee, there shall be allowed from his gross total income, in accordance with and subject to the provisions of this Chapter, the deductions specified in sections 80C to 80U. (2) The aggregate amount of the deductions under this Chapter shall not, in

Deductions to be made with reference to the income included in the gross total income Where any deduction is required to be made or allowed under any section included in this Chapter under the heading “C.—Deductions in respect of certain incomes” in respect of any income of the nature specified in that section which is included

Deduction not to be allowed unless return furnished Where in computing the total income of an assessee of any previous year relevant to the assessment year commencing on or after—  (i) the 1st day of April, 2006 but before the 1st day of April, 2018, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC or section 80-ID or section

Section 80C of Income Tax Act, 1961 is now to be replaced by Section 123 of Income Tax Act, 2025 under the new Income tax law with effect from 01.04.2026. Deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc Key Takeaways: Deduction of

Deduction in respect of investment in certain new shares [Omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1993.]

Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan (1) Where an assessee, being—  (a) an individual, or  (b) a Hindu undivided family,  (c) [***] has in the previous year—   (i) deposited any amount in accordance with such scheme as the Central Government may, by notification in the

Deduction in respect of investment made under Equity Linked Savings Scheme (1) Where an assessee, being— (a) an individual, or (b) a Hindu undivided family, (c) [* * *] has acquired in the previous year, out of his income chargeable to tax, units of any Mutual Fund specified under clause (23D) of section 10 or