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of <h1>Special Deduction for Trade Associations: Section 44A Allows Shortfall Deduction from Taxable Income</h1> Section 44A of the Income-tax Act, introduced by the Finance Act of 1964, provides a special deduction for trade, professional, or similar associations. If an association's income from members falls short of its non-capital expenditure aimed at protecting or advancing members' interests, the shortfall is deductible from its taxable income. This deduction applies under 'Profits and gains of business or profession' or other relevant income heads if necessary. The deduction cannot exceed half of the association's total income before this allowance. The section is applicable only if the association's income is not distributed to members, except as grants to affiliated entities.
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