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[Section 31]
[Entire Act]
Union of India - Subsection
Section 31(1) in The Income Tax Act, 2025
| Sl. No. | Specified assessee | Amount of deduction |
| A | B | C |
| 1. | (a) A scheduled bank, other than a bank incorporated by or under the laws of a country outside India; or(b) a non-scheduled bank; or(c) a co-operative bank, other than—(i) a primary agricultural credit society; or(ii) a primary co-operative agricultural and rural development bank. | (a) not more than 8.5% of the total income of the tax year computed before making any deduction under this clause and Chapter VIII, and an additional amount up to 10% of the aggregate average advances made by rural branches computed in the manner as may be prescribed;(b) for an assessee mentioned in clauses (a) and (b) of column B, at its option, an additional amount in excess of clause (a) of this column but not more than the income from redemption of securities as per a scheme framed by the Central Government, when such income has been disclosed in the return of income under the head "Profits and gains of business or profession". |
| 2. | (a) A bank incorporated by or under the laws of a country outside India; or(b) a public financial institution or a State Financial Corporation or a State Industrial Investment Corporation; or(c) a non-banking financial company. | Not more than 5% of the total income of a tax year computed before making any deduction under this clause and Chapter VIII. |