Deductions to be made in Computing Total Income

by Ram Dutt Sharma

Chapter
1. Introduction	1
2. Deductions to be made in computing Total Income [Section 122][Corresponding to Section 80A of the Income Tax Act, 1961]	9
3. Deduction for Life Insurance Premia, Deferred Annuity,Contributions to Provident Fund, Etc. [Section 123][Corresponding to Section 80C of the Income Tax Act, 1961]	16
4. Deduction in Respect of Employer and Assessee Contribution to Pension Scheme of Central Government [Section 124][Corresponding to Section 80CCD of the Income Tax Act, 1961]	26
5. Deduction in Respect of Contribution to Agnipath Scheme[Section 125]{Corresponding to Section 80CCH of the Income Tax Act, 1961}	32
6. Deduction in Respect of Health Insurance Premia [Section 126]{Corresponding to Section 80D of the Income Tax Act, 1961}	34
7. Deduction in Respect of Maintenance including Medical Treatment of a Dependant who is a Person with Disability[Section 127]{Corresponding to section 80DD of the Income Tax Act, 1961}	42
8. Deduction in Respect of Medical Treatment, etc. [Section 128]{Corresponding to Section 80DDB of the Income Tax Act, 1961}	53
9. Deduction in Respect of Interest on Loan taken for Higher Education[Section 129]{Corresponding to Section 80E of the Income Tax Act, 1961}	59
10. Deduction in Respect of Interest on Loan taken for Residential House Property [Section 130]{Corresponding to section 80EE of the Income Tax Act, 1961}	63
11. Deduction in Respect of Interest on Loan taken for Certain House Property [Section 131]{Corresponding to section 80EEA of the Income Tax Act, 1961}	66
12. Deduction in Respect of Ourchase of Electric Vehicle [Section 132]{Corresponding to section 80EEB of the Income Tax Act, 1961}	69
13. Deduction in Respect of Donations to Certain Funds, Charitable Institutions, Etc. [Section 133]{Corresponding to section 80G of the Income Tax Act, 1961}	71
14. Deduction in Respect of Rents Paid for their Own Residence without Receiving HRA [Section 134](Corresponding to Section 80GG of the Income Tax Act, 1961)	85
15. Deduction in Respect of Certain Donations for Scientific Research or Rural Development [Section 135](Corresponding to Section 80GGA of the Income Tax Act, 1961)	91
16. Deduction in Respect of Contributions given by Companies to Political Parties [Section 136](Corresponding to Section 80GGB of the Income Tax Act, 1961)	99
17. Deduction in Respect of Contributions given by any Person to Political Parties [Section 137](Corresponding to Section 80GGC of the Income-tax Act, 1961)	103
18. Deductions in Respect of Profits and Gains from Industrial Undertakings or Enterprises Engaged in Infrastructure Development, Etc. [Section 138](Corresponding to Section 80IA of the Income Tax Act, 1961)	108
19. Deductions in Respect of Profits and Gains by an Undertaking or Enterprise Engaged in Development of Special Economic Zone[Section 139](Corresponding to Section 80IAB of the Income-tax Act, 1961)	155
20. Special tax deduction for Profits and Gains of an eligible start-up arising from an Eligible Business [Section 140](Corresponding to Section 80IAC of the Income-tax Act, 1961)	173
21. Deductions in Respect of Profits and Gains from Certain Industrial Undertakings [Section 141](Corresponding to Section 80IB of the Income Tax Act, 1961)	193
22. Deductions in Respect of Profits and Gains from Housing Projects[Section 142](Corresponding to Section 80-IBA of the Income Tax Act, 1961)	235
23. Special Provisions in Respect of Certain Undertakings in North-Eastern States [Section 143](Corresponding to Section 80-IE of the Income Tax Act, 1961)	249
24. Special Provisions in Respect of Newly established Units in Special Economic Zones [Section 144]{Corresponding to Section 10AA of the Income Tax Act, 1961}	261
25. Deduction for Business Engaged in Collecting and Processing of Bio-Degradable Waste [Section 145]{Corresponding to Section 80JJA of the Income Tax Act, 1961}	294
26. Deduction in Respect of New and Additional Employment Additional Cost [Section 146]{Corresponding to Section 80JJAA of the Income-tax Act, 1961}	301
27. Deductions for Income of Offshore Banking Units and Units of International Financial Services Centre [Section 147](Corresponding to Section 80LA of the Income-tax Act, 1961)	315
28. Deduction in Respect of Certain Inter-Corporate Dividends [Section 148] {Corresponding to section 80M of the Income Tax Act, 1961}	321
29. Deduction in Respect of Income of Co-Operative Societies [Section 149] (Corresponding to Section 80P of the Income Tax Act, 1961)	328
30. Deduction in respect of Income of Federal Co-operative [Section 150]	387
31. Deduction in Respect of Royalty Income, etc., of Authors of Certain Books other than Text-Books [Section 151] (Corresponding to Section 80QQB of the Income Tax Act, 1961)	390
32. Deduction in Respect of Royalty on Patents [Section 152] (Corresponding to Section 80RRB of the Income-tax Act 1961)	402
33. Deduction for Interest on Deposit [Section 153] (Corresponding to Section 80TTA & Section 80TTB of the Income-tax Act, 1961)	409
34. Deduction in Case of a Person with Disability [Section 154] {Corresponding to Section 80U of the Income-tax Act, 1961}	413
35. Eligible Deductions under the New Income Tax Regime	424
36. Claiming Deductions not claimed in Income Tax Returns	427

About the Author

Ram Dutt Sharma

Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got his post-graduation from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983 and retired as Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at NADT Regional Campus, Chandigarh & Bhopal. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.

He is recipient of first-ever Finance Minister's Award 2017, the Income Tax Departments highest honour for sustained devotion, commitment to duty & promoting excellence in the field of Direct Taxation at National Level. The Hon'ble Union Finance Minister, Shri ArunJaitley conferred this Finance Ministers Award for Excellence for his meritorious services at VigyanBhawan, New Delhi on 24.07.2017.

Awarded by Hon'ble Member (Revenue& TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter Miscellaneous Orders in Let Us Share A compilation of Best Practices & Orders Vol. VIII released on 31stOctober, 2016.

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