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68. Deductions from gross total income from ordinary sources
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IV - Tax Incentives
68. Deductions from gross total income from ordinary sources.—(1) A person shall be allowed the deductions specified in this sub-chapter from his "gross total income from ordinary sources", for the financial year.
(2) The aggregate amount of the deductions under this sub-chapter shall not exceed the "gross total income from ordinary sources", for the financial year.
(3) Any sum, which qualifies for a deduction under this sub-chapter in any financial year, shall not qualify for deduction—
(a) under any other provision of this Code for the same or any other financial year ; or
(b) in the case of any other person.
(4) The provisions of sub-section (3) shall apply whether full deduction of the sum referred to therein has been allowed or not.
Clause 68 provides that the deductions under this sub-chapter are available only in respect of "gross total income from ordinary sources" and the aggregate amount of such deductions shall not exceed the gross total income from ordinary sources.
The said clause further provides that any sum which qualifies for a deduction under this sub-chapter in any financial year, shall not qualify for deduction under any other provision of the Code for the same or any other financial year or in the case of any other person even if full deduction of the sum referred therein has not been allowed.
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