Dividend deduction coordination: deduction under Section 80M is reduced by overlapping deductions under related provisions.

The substituted sub-section mandates that the deduction under sub-section (1) of Section 80M for dividend income be allowed only after reducing that income by the aggregate of deductions claimed under Sections 80K and 80L. The Explanation specifies that, for this purpose, the Section 80L deduction is to be treated as the portion exceeding the aggregate of the particular items of income listed in clauses (i), (ii), (iii), (v), (vi) and (vii) of Section 80L(1).

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