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

Power of Principal Commissioner or Commissioner to grant immunity from penalty (1) A person may make an application to the Principal Commissioner or Commissioner for granting immunity from penalty, if— (a)  he has made an application for settlement under section 245C and the proceedings for settlement have abated under section 245HA; and (b)  the penalty proceedings have been

Power to reduce or waive penalty, etc., in certain cases (1) Notwithstanding anything contained in this Act, the Principal Com- missioner or Commissioner may, in his discretion, whether on his own motion or otherwise,— (i)   [***] (ii)  reduce or waive the amount of penalty imposed or imposable on a person under section 270A or clause (iii) of