Chapter vi A

Direct Taxation

If calculating gross total income exclude long term and short term (111a,112,112a) and casual income but after chapter vi A deduction calculation they only omit long term only Ex if gross income(10000,long 4000,short3000) Chapter vi a deduction 11000 Only omit long term 4000 and take total 13000(gross +short) and deduct 11000 Remaining total adjusted gross(2000+4000long) which is correct

INDRAJITH S

CA Inter

★ 5K+

18-Aug-21 14:10

746

Answers (4)

maximum permissible deductions cannot exceed gross total income exclusive of long term capital gains, STCG under 111A and winnings from lotteries

Yoga Vishnu

CA Final

★ 11K+

19-Aug-21 10:31

This sum calculation include short term capital gain??

Thread Starter

INDRAJITH S

CA Inter

★ 5K+

19-Aug-21 10:45

Thread Starter

INDRAJITH S

This sum calculation include short term capital gain??

If STCG is taxable under 111A, deductions cannot be claimed. If STCG is taxable otherwise, deductions can be claimed under this chapter

Yoga Vishnu

CA Final

★ 11K+

19-Aug-21 11:08

Thanks

Thread Starter

INDRAJITH S

CA Inter

★ 5K+

19-Aug-21 11:18