Section 40 Excludes Charitable Trusts from Deduction Limits u/ss 30-38 for Business Income Calculations.

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....Section 40 is applicable only when deductions u/s 30-38 are being made in computing income chargeable under the head 'profits and gains of business or profession' u/s 28. Similarly, provisions of section 40(a) are not applicable in case of charitable trust or institution where income and expenditure is computed in terms of section 11 - AT....