Deductions from Gross total income under section 80 related to Company assessee: Overview

Corporate sector is the most widely used form of business organisation for medium and large scale business. Corporate taxation refers to taxation of companies and it is a major source of revenue to the government. Company assessees are entitled to claim various deductions as per section 80 of Income Tax act, 1961. 

A deduction from income tax point of view is the investment / expenditure that helps in reducing gross total income, thereby reducing the tax payable on total income. Income tax deduction needs to be claimed at the time of filing Income tax return (ITR) and the amount of deduction should be reduced from gross total income to arrive at the taxable income.

:- Company assessee are entitled to claim following deductions as per section 80 of Income Tax act 1961:-

1. Section 80G {Donations to charitable institutions}
2. Section 80GGA {Donations for scientific research and rural development}
3. Section 80GGB {Contributions made to political parties}
4. Section 80IA {Profits and gains from industrial undertakings engaged in infrastructure development}
5. Section 80IAB {Profits and Gains of SEZ Developers}
6. Section 80IAC {Eligible Startups}
7. Section 80 IB {Profits from new industrial undertakings other than infrastructure development undertakings}
8. Section 80IBA {Profits from housing projects}
9. Section 80 IC {Deduction for setting up undertakings in special States}
10. Section 80 ID {Profits and gains of hotel / convention centres in specified areas}
11. Section 80 IE {Profits and gains of certain undertakings in North eastern states}
12. Section 80 JJA {Profits from processing of biodegradable wastes}
13. Section 80 JJAA {Deduction in respect of employment of new employees}
14. Section 80 LA {Deduction for certain incomes of Offshore Banking Units in SEZ and IFSC}
15. Section 80 PA {Deduction for farm producer companies}

This is a brief overview of the topic,  for detailed explanation of each Deduction, click on the heading of a particular section.

Thank you.

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