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of <h1>Deductions from gross income capped at 300,000 per year under sections 66 and 67 of Direct Taxes Code Bill, 2009.</h1> Deductions in computing total income involve specific allowances from an individual's gross total income from ordinary sources for a financial year, as outlined in the Direct Taxes Code Bill, 2009. The total deductions cannot exceed the gross total income for that year, with a cap of three hundred thousand rupees under sections 66 and 67. Deductions qualifying under this sub-chapter cannot be claimed under other provisions or by another person, regardless of whether the full deduction is utilized.
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