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of <h1>Companies' specified incentive deductions capped at 70% of pre-incentive total income; excess carried forward in order</h1> For companies, where the aggregate of specified incentive deductions (certain deductions under sections dealing with scientific research, specified allowances, certain business/charitable/tax incentive provisions and specified sections of Chapter VI/B) would exceed seventy percent of the pre-incentive total income (total income computed ignoring those deductions), the allowable deductions are restricted to seventy percent of that pre-incentive total income. Deductions are allowed in the statutory order of listed provisions until the 70% cap is reached. Any portion disallowed solely due to this cap is carried forward and treated as part of the deduction for the next assessment year(s).
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