Deductions to be Made in Computing Total Income - (New) Section 122(1) to (4) and (6) to (8) / (Old) Section 80A

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....of AOP or BOI [ Section 122(3) ] • This subsection prevents double deduction where income is earned through an: • Association of Persons (AOP), or • Body of Individuals (BOI). • If the AOP or BOI has already claimed a deduction under  section 133 or 135 or 137 or 138 or 141 or 142 or 143 • then the members cannot again claim the same deduction on their share of income received from that AOP/BOI. Restriction on Multiple Deductions for the Same Profit [ Section 122(4) ] Where an undertaking, unit, enterprise, or eligible business has already been allowed deduction under one provision of Part C, the same profi....

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.... • then • the profits and gains of such undertaking or unit or enterprise or eligible business carried on by the assessee shall be computed as if the transfer, in clause (a) or (b), had been made at the market value of such goods or services as on that date. • Meaning of "Market Value" • (a) in relation to any goods or services sold or supplied, means • the price that such goods or services would fetch if these were sold by the undertaking or unit or enterprise or eligible business in the open market, subject to statutory or regulatory restrictions, if any; • (b) in relation to any goods or services acquired, means • the price that such goods or services wou....

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....e, there shall be allowed from his gross total income, in accordance with and subject to the provisions of this Chapter, the deductions specified in sections 80C to 80U. • The aggregate amount of the deductions under this Chapter shall not, in any case, exceed the gross total income of the assessee. No Double Deduction for Members of AOP or BOI [ Section 80A(3) ] • Where an AOP or BOI claims deduction under specified sections, the members cannot again claim deduction under the same section in respect of their share of income. • The provision applies to deductions such as: • Section 80G • Section 80GGA • Section 80GGC • Section 80HH ....

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....flating or reducing the profits of an eligible business by manipulating the value of inter-unit transfers. Without such a provision, an assessee could: • transfer goods to an eligible unit at an artificially low price to inflate the eligible unit's profit; • transfer goods from an eligible unit at an artificially high price to reduce taxable profits elsewhere; • thereby claim higher deductions under Chapter VI-A. Section 80A(6) neutralizes such manipulation. Overriding Proviso - Notwithstanding anything to the contrary contained in • section 10A or • section 10AA or • section 10B or • section 10BA or • in any provisions ....