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Set off and carry forward

Direct Taxation

How to calculate life insurance premium deduction in this set off topic under 80 c Is there any specific rate available for deduction

Sai Ram

CA Inter

★ 540

26-Mar-23 10:23

170

Answers (1)

Set off and carry forward is applicable to only incomes not to the deductions. If your total income after set off is 1,00,000 and you have eligible 80C deductions of 1,50,000 then total deduction can be 1,00,000 because deductions cannot exceed the total income.