Computation of deductions tied to income as determined under the Act before Chapter deductions, changing deduction basis. New provisions require that deductions under the specified Chapter C sections be computed with reference to the amount of the relevant class of income as determined under the Act before making any Chapter C deductions; specifically, the deduction under section 80M for dividends must be computed with reference to dividend income as computed under the Act rather than the gross dividend amount.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Computation of deductions tied to income as determined under the Act before Chapter deductions, changing deduction basis.
New provisions require that deductions under the specified Chapter C sections be computed with reference to the amount of the relevant class of income as determined under the Act before making any Chapter C deductions; specifically, the deduction under section 80M for dividends must be computed with reference to dividend income as computed under the Act rather than the gross dividend amount.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.