Clause 65 - Deductions to be made in computing total income - Direct Taxes Code Bill, 2009

H. - Tax incentives Deductions to be made in computing total income 65. (1) A person shall be allowed the deductions specified in this sub-chapter from his 'gross total income from ordinary sources', for the financial year. (2) The aggregate amount of the deductions under this sub-chapter shall not exceed the 'gross total income from ordinary sources', for the financial year. (3) The aggregate amount of deductions under section 66 and section 67 shall not exceed three hundred thousand rupees in any financial year. (4) Any sum, which qualifies for a deduction under this sub-chapter in any financial year, shall not qualify for deduction - (a) under any other provision of this Code for the same or any other financial year; or (b) in the case of any other person. (5) The provisions of sub-section (4) shall apply irrespective of whether full deduction has been allowed, or not, in respect of the sum referred therein.