Section 80ab of income tax act

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400 Points Posted on 11 January 2013

I just wanted to know the exact meaning of Section 80AB of income tax Act.

So,Please help me out.

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On 11 January 2013 at 10:18 Report
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In service
170 Points Posted on 11 January 2013

Sec 80AB explains about Allowability of Deduction

Deduction would be available for the net amount included in GTI

 

For example,if an assessee qualifies for 80IB (income-based deduction) ,say

Sales= 20 Lacs

Expense=11 Lacs

PGBP =9Lacs

Deduction would be calculated on the basis of 9 Lacs and not 20Lacs

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On 11 January 2013 at 11:27

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