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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Section 80V in Income-tax Act: Parents Can Deduct Disabled Minor's Income from Total Income Starting April 1994.</h1> The Finance Act, 1993 introduces a new section, 80V, to the Income-tax Act, effective April 1, 1994. This provision allows a parent to claim a deduction from their gross total income if their minor child's income, which is included in the parent's total income under section 64(1A), is affected by a disability specified in section 80U. The deduction amount corresponds to what the minor child would have been entitled to under section 80U if their income were calculated independently.
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