Section 80A - deduction under chater VIA - If in any case the gross total income is a loss therefore no deduction can be allowed as the provisions of section 80A(2)
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Chapter VIA deduction limit: deductions cannot exceed gross total income and are disallowed where income is a loss. Deductions under Chapter VIA are limited by Section 80A(2) to the taxpayer's gross total income; consequently, where the assessment results in a loss no ... Summary
Chapter VIA deduction limit: deductions cannot exceed gross total income and are disallowed where income is a loss.
Deductions under Chapter VIA are limited by Section 80A(2) to the taxpayer's gross total income; consequently, where the assessment results in a loss no Chapter VIA deduction may be allowed. Income-tax officers must review finalized loss assessments and withdraw any deductions that exceed gross total income, and submit a compliance report on rectificatory action and tax effect.
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