Amended and updated notes on section 80B of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Definitions.
Chapter VIA (Sections 80A to 80U) of the Income Tax Act 1961 deals with the provisions related to deductions to be made in computing total income. Section 80B of IT Act 1961-2023 provides for Definitions.
Recently, we have discussed in detail section 80AC (deduction not to be allowed unless return furnished) of IT Act 1961. Today, we learn the provisions of section 80B of Income-tax Act 1961. The amended provision of section 80B is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 80B of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.
Section-80B: Definitions
In this Chapter—
(1)-(4) [Omitted]
(5) “gross total income” means the total income computed in accordance with the provisions of this Act, before making any deduction under this Chapter;
(6)-(9) [Omitted]