Allowable Deductions from Income while Filing Return of Income
Most Common Deductions are categorized in the following Categories for better and easy understanding- Income Based Deductions Standard Amount of Deductions Investment Based Deductions Expenses Based Deductions Let us see the Basic Rules for claiming Deductions under ITR:- Section 80A– Basic Rules of Deductions Deductions has to be claimed from Gross Total Income after giving effect to Set off & Clubbing Provisions Deductions cannot exceed Gross Total Income Any Unabsorbed… Read More »Allowable Deductions from Income while Filing Return of Income