80A. Deductions to be made in computing total income.
(1)In computing the total income of an assessee, there shall be allowed from his gross total income, in accordance with and subject to the provisions of this Chapter, the deductions specified in sections 80-C to [80-U] [ Substituted by Act 32 of 1985, Section 36, for " 80-VV" (w.e.f. 1.4.1986).].(2)The aggregate amount of the deductions under this Chapter shall not, in any case, exceed the gross total income of the assessee.(3)[ Where, in computing the total income of an association of persons or a body of individuals, any deduction is admissible under section 80-G or ] [Substituted by Act 18 of 1992, Section 41, for sub-Section (3) (w.e.f. 1.4.1993).][section 80-GGA if section 80-GGC] [ Substituted by Act 46 of 2003, Section 9, for " section 80-GGA" (w.e.f. 11.9.2003).][or section 80-HH or section 80-HHA or section 80-HHB or section 80-HHC or section 80-HHD or section 80-I or section 80-IA ] [Substituted by Act 18 of 1992, Section 41, for sub-Section (3) (w.e.f. 1.4.1993).][or section 80-IB] [ Inserted by Act 27 of 1999, Section 90 (w.e.f. 1.4.2000).],[or section 80-IC] [ Inserted by Act 22 of 2007, Section 22 (w.r.e.f. 1.4.2004).] [or section 80-ID or section 80-IE] [ Inserted by Act 22 of 2007, Section 22 (w.e.f. 1.4.2008).]or [section 80-J] [Section 80-J omitted by Act 33 of 1996, Section 29 (w.r.e.f. 1.4.1989).][or section 80-JJ] [Inserted by Act 25 of 1975, Section 24 (w.e.f. 1.4.1976).], [no deduction under the same section shall be made in computing the total income of a member of the association of persons or body of individuals in relation to the share of such member in the income of the association of persons or body of individuals.] [Substituted by Act 18 of 1992, Section 41, for sub-Section (3) (w.e.f. 1.4.1993).](4)[ Notwithstanding anything to the contrary contained in section 10-A or section 10-AA or section 10-B or section 10-BA or in any provisions of this Chapter under the heading "C.-Deductions in respect of certain incomes", where, in the case of an assessee, any amount of profits and gains of an undertaking or unit or enterprise or eligible business is claimed and allowed as a deduction under any of those provisions for any assessment year, deduction in respect of, and to the extent of, such profits and gains shall not be allowed under any other provisions of this Act for such assessment year and shall in no case exceed the profits and gains of such undertaking or unit or enterprise or eligible business, as the case may be.(5)Where the assessee fails to make a claim in his return of income for any deduction under section 10-A or section 10-AA or section 10-B or section 10-BA or under any provision of this Chapter under the heading "C.-Deductions in respect of certain incomes", no deduction shall be allowed to him thereunder.] [ Inserted by Act 33 of 2009, Section 29 (w.r.e.f. 1.4.2003).](6)[ Notwithstanding anything to the contrary contained in section 10-A or section 10-AA or section 10-B or section 10-BA or in any provisions of this Chapter under the heading "C.-Deductions in respect of certain incomes", where any goods or services held for the purposes of the undertaking or unit or enterprise or eligible business are transferred to any other business carried on by the assessee or where any goods or services held for the purposes of any other business carried on by the assessee are transferred to the undertaking or unit or enterprise or eligible business and, the consideration, if any, for such transfer as recorded in the accounts of the undertaking or unit or enterprise or eligible business does not correspond to the market value of such goods or services as on the date of the transfer, then, for the purposes of any deduction under this Chapter, the profits and gains of such undertaking or unit or enterprise or eligible business shall be computed as if the transfer, in either case, had been made at the market value of such goods or services as on that date.Explanation. - For the purposes of this sub-section, the expression "market value",-(i)in relation to any goods or services sold or supplied, means the price that such goods or services would fetch if these were sold by the undertaking or unit or enterprise or eligible business in the open market, subject to statutory or regulatory restrictions, if any;(ii)in relation to any goods or services acquired, means the price that such goods or services would cost if these were acquired by the undertaking or unit or enterprise or eligible business from the open market, subject to statutory or regulatory restrictions, if any.]
