ARMY INSTITUTE OF LAW

SUBMITTED IN PARTIAL FULLFILMENT OF THE REQUIREMENT FOR

THE DEGREE OF B.A.L.L.B THIRD YEAR 2016-17

CONCEPT OF INCOME AND TOTAL

INCOME

Submitted To: Submitted By:

Dr. Puja Jaiswal Mehr Munjal

Asst. Professor of Law 1469

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 CONCEPT OF INCOME AND TOTAL INCOME
Section 2(24) of The Income- Tax Act, 1961 defines INCOME as:

1. Profits and Gains

2. Dividend
3. Voluntary contributions received by a trust
4. Perquisites or profit in lieu of salary in hands of employee
5. Any special allowance or benefit
6. City compensatory allowance/dearness allowance
7. Any benefit or perquisite to a director
8. Any benefit or perquisite to a representative assessee.
9. Any sum chargeable to income- tax under section 28 or section 41 or section 59.
10. Any Capital gains chargeable under section 45
11. Insurance Profit
12. Banking income of a co-operative society
13. Any winnings from lotteries, crossword puzzles, races including horse races, card games
and other games of any sort or from gambling or betting of any form or nature
whatsoever. [Section 56(2)]
14. Employees Contribution towards provident fund
15. Amount received under Keyman Insurance Policy (KIP)
16. Amount exceeding Rs. 50,000 by way of Gift etc. [Section 56(2)]

Case : Gopal Saran Narian Singh v. C.I.T

Held: The term income simply means something which comes in. It is a periodical return with
regularity or expected regularity. It’s nowhere mentioned that income refers to only monetary
return. It includes value of benefits and perquisites. Anything which can reasonably and properly
be described as income is taxable under this Act unless specifically exempted under the various
provisions of this Act.

TOTAL INCOME

Total income of an assessee depends upon his residential status in India during the Previous Year
and depending upon residential status a person can be divided into following parts:

i. Resident in India
ii. Non-resident in India

Further, in the cases (Individual and HUF) a resident person is again divided into 2 parts:

i. Resident and Ordinarily resident (ROR)

ii. Resident and Not ordinarily resident(RNOR)

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Total Income of an assessee who is Resident and ordinarily resident (ROR):

1. Any income which is received or deemed to be received in India in the relevant Previous
Year by him or on his behalf during that Previous Year
2. Any income which accrues or arises or deemed to accrue or arise in India to him in the
relevant Previous Year
3. Any income which accrues or arises outside India to him in the relevant Previous Year.

Total income of an assessee who is Resident and Not Ordinarily resident (RNOR):

In case of an assessee who is RNOR Income which accrues or arises outside India will not be
included except when it is derived from:

1. Business wholly or partly controlled in India

2. Profession set up in India

Therefore, total income of an assessee who is RNOR during the Previous Year includes:

1. Any income which is received or deemed to be received in India in the relevant Previous
year by him or on his behalf during that Previous Year
2. Any income which accrues or arises or deemed to accrue or arise in India to him in the
relevant Previous Year
3. Any income which accrues or arises outside India to him in the relevant Previous Year
provided it is derived from business wholly or partly controlled in India or profession
setup in India.

Total income of an assessee who is Non-resident (NR):

1. Any income which is received or deemed to be received in India in the relevant Previous
year by him or on his behalf during that Previous Year
2. Any income which accrues or arises or deemed to accrue or arise in India to him in the
relevant Previous Year

Not Included:

Any income which arises or accrues to him outside India will not be taxable in India in case
of NON-RESIDENT.

COMPUTATION OF TAXABLE INCOME FOR ASSESSMENT YEAR:

GROSS TOTAL INCOME:

Gross Total Income means total income before giving deduction under section 80C-80U, which
is calculated as follows:

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Step I: Compute TOTAL INCOME (GTI):

A. COMPUTE INCOME UNDER HEAD SALARY [Gross Salary-Deductions]

Salary means any payment or remuneration or income received by a person from another person
for services rendered in favour of the other person.

Hence, relationship between employer-employee should be there between the payer and payee.

Basis of charge: Section 15

Salary will be taxable to tax on the following basis:

a) Due basis
b) Received basis
c) Arrears of salary

What is included in salary: Section 17

a) Wages
b) Annuity or pension
c) Gratuity
d) Fee, commission, perquisite and profit in lieu of salary or in addition to salary.
e) Advance Salary
f) Leave salary or leave encashment
g) Annual accretion standing to the credit of an employee in his Recognized Provident
Fund.
h) Transferred balance
i) Annual contribution made by the central govt. or any employer under the Notified
Pension Scheme.

Perquisites:

Perquisites means casual emoluments or benefits attached to an office or posting in addition to

salary or wages i.e., something that benefits a man by going into his pockets.

Important points:

 Perquisite may be in cash or kind (value of rent free accommodation)

 Perquisites are taxable if following conditions are fulfilled:
a) Employer-Employee relationship must be there otherwise it would be taxable
under head profits or gains of Business or Profession or Income from Other
Sources.
b) These should be given during continuation of service.
c) It may either be given voluntarily or under contract of employment.

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 d) These should directly be dependent upon the service.
 Perquisites given to family members of an employee would be taxable in the hands
of employee.
 Perquisite may be regular and recurring or casual and non-recurring
 Any benefit once allotted to an employee by his employer is taxable perquisite
whether or not used by the assessee.
 Only authorized perquisite would be taxable

Profits in lieu of salary or in addition to salary [Section 17(3)]:

It includes the following:

a) The amount of compensation due to or received by the employee from his employer
or previous employer at the time of termination of service
b) The amount of compensation due to or received by the employee from his employer
or previous employer in connection with modification of terms and conditions of
employment.
c) Any lump sum amount received prior to employment or after cessation of
employment.
d) The lump sum amount received by assessee from Unrecognized Provident Fund to
the extent of employer’s contribution and interest thereon.
e) Any amount (including bonus) received under a Keyman Insurance policy

INCOME FROM SALARY= GROSS ANNUAL SALARY-DEDUCTIONS UNDER

SECTION 16

Gross annual salary= Basic Salary+ Any amount under Section 17+ Allowances+ Any other
amount received by the employee from his employer and not exempted such as bonus, overtime
salary, etc.)

Allowances: Allowances are fixed monetary amount received by the employee from his
employer for specific purpose which may be official or personal. Allowances are always under
the contract of employment and the word “Allowance” is always attached to that amount.

Types of Allowances:

a) Exempted Allowances
b) Deducted Allowances
c) Partly taxable Allowances
d) Fully taxable Allowances

DEDUCTIONS IN SALARY [SECTION 16]:

1. Deduction regarding entertainment allowance [section 16(ii)]:

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Entertainment allowance also known as sumptuary allowance, which is received by the
employee from his employer to entertain guests, is deductible from Gross annual salary.

Important points:

 Only government employees are entitled to claim this deduction.

 Amount of deduction is the least of the following:
a) The amount actually received as entertainment allowance
b) 20% of salary or
c) Rs. 5000
 The amount actually spent to entertain guests is not important to decide the amount
of deduction.
2. Deduction regarding professional tax [section 16(iii)]:

The professional tax paid by assessee during previous year is deductible from Gross annual
salary.

Maximum professional tax according to Article 276 of Constitution which can be levied by
local authority is Rs. 2500

B. COMPUTE INCOME UNDER HEAD HOUSE PROPERTY [Gross Annual Value-

Deductions]

Section- 22: Basis of Charge/ Chargeability Of House Property

The annual value of House Property is chargeable to tax under this head.

ESSENTIALS OF SECTION: 22

1. Property should consist of building or land appurtenant thereto;

2. The assessee should be the Owner of the property
3. It should not be used by the assessee for his own business and profession.

INCOME FROM HOUSE PROPERTY IN FOREIGN COUNTRY

RESIDENTIAL STATUS OF ASSESSEE TAX INCIDENCE

Resident Taxable

Resident Ordinarily Resident Taxable

Resident But Not Ordinarily Resident Taxable

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Non- Resident Non- Taxable

 It is immaterial whether such income is brought to India or Not.

INCOME FROM HOUSE PROPERTY IS NOT TAXABLE UNDER THIS HEAD

1. Farm house
Income from any building owned or occupied by an agriculturist or receiver of rent or
revenue of such land provided that-
 Such Building is situated in the agricultural land
 It is used for Agricultural purposes
2. Property used by Assessee for his own Business and Profession
3. Self- Occupied House Property
4. Property for Religious & Charitable Purposes
5. Property of Registered Trade Union or Local Authority
6. House Property (Palace) of Ex- Rulers

INCOME FROM HOUSE PROPERTY:

Income from House Property = Gross Annual Value - Deductions

Gross Annual Value of Let Out House Property [LOHP]

Gross Annual Value= Reasonable Expected Rent or Actual Rent received or receivable by
assessee

Gross Annual Value of Self Occupied Residential House Property [SORHP] [S-23(2)]

(a) Property is used by the assessee throughout the previous year for his own residential
purpose;
OR
(b) Such property could not be occupied by the assessee throughout the previous year for his
own residential purpose because either due to employment or business or profession
assessee is residing at some other place and no other benefit is derived from such
property

Then Gross annual Value would be NIL

DEDUCTIONS

1. Deductions regarding Let- Out House Property [LOPH]

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 2. Deductions regarding Self- Occupied House Property [SORPH]

DEDUCTIONS REGARDING LET- OUT HOUSE PROPERTY [LOPH]

1. MUNICIPAL TAXES LEVIED BY LOCAL AUTHORITY AND PAID BY THE

ASSESSEE [Proviso to S-23]

Municipal taxes levied by local authority in respect of House Property will be deducted if
following conditions are fulfilled:

i) these taxes are borne by assessee; and

(ii) such taxes are actually paid by assessee

2. STANDARD DEDUCTION [SECTION 24(a)]

30% of Net Annual Value is to be deducted from Net Annual Value as Standard Deduction.

3. INTEREST ON BORROWED CAPITAL [SECTION 24(b)]

Where capital is borrowed by the assessee for the purpose of purchase, reconstruction, repair,
renovation or construction of the house property and he is paying interest on such borrowed
capital then interest paid/payable during current previous year is allowed as deduction.

3. INTEREST OF PRE- CONSTRUCTION PERIOD [ Explanation to S-24]

Where capital is borrowed by the assessee for the purpose of purchase or reconstruction of
House Property then assessee can claim deduction relating to interest of Pre- Construction Period

DEDUCTIONS REGARDING SELF- OCCUPIED HOUSE PROPERTY [SORPH]

1. INTEREST ON BORROWED CAPITAL [SECTION 24(b)]

Where capital is borrowed by the assessee for the purpose of purchase, reconstruction,
repair, renovation or construction of the Self- Occupied house property and he is paying
interest on such borrowed capital then maximum amount of deduction regarding
interest is Rs 30,000.
However, maximum amount of Deduction is Rs 2,00,000 under exceptional conditions.

2. INTEREST OF PRE- CONSTRUCTION PERIOD [ Explanation to S-24]

Where capital is borrowed by the assessee for the purpose of purchase or reconstruction of
House Property then assessee can claim deduction relating to interest of Pre- Construction
Period.

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 C. COMPUTE INCOME UNDER HEAD PROFIT OR GAIN[Capital Gain-
Exemptions]

Basis of charge under Capital Gain: Section 45

I. There should be a capital asset.

II. Capital asset should be transferred by the assessee.
III. Such transfer must take place during the previous year
IV. Such profit or gain must not be exempted under Section 54-54GA.

 CAPITAL ASSET:
It means:-
a) Property of any kind held by an assessee, whether or not connected with his business
or profession which includes:
 Immovable property
 Jewellery ornaments etc.
 Agricultural land in urban area in India
 Work of art, drawing, sculptures and archeological collections.
b) Any securities held by a Foreign Institutional Investor which has invested in such
securities in accordance with the regulations made under SEBI, but does not include:
I. Any stock in trade [other than securities referred in sub-clause (b)]
II. Personal effects of the assessee i.e movable property of any kind
III. Agricultural land in rural area in India

TRANSFER [SECTION 2(47)]:

According to Section 2(47) of this act transfer means:

i. Sale, exchange, relinquishment and extinguishment of capital asset

ii. Compulsory acquisition of capital asset.
iii. Conversion of capital asset into stock-in-trade
iv. Redemption of zero coupon bonds
v. Transfer of immovable property under Doctrine of part performance
vi. Transfer of membership rights in a building under house building scheme.

COMPUTATION OF SHORT-TERM CAPITAL GAIN (SECTION 48):

ShortShort-term
Short-term CapitalCapital
Gain Gain= Full value of consideration - 1) Cost of acqusition

(received or receivable)

2) Cost of improvement

3) Any expenditure wholly and

exclusively for the transfer of asset.

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COMPUTATION OF LONG TERM CAPITAL GAIN (SECTION 48):

Long-term Capital Gain = Full Value of consideration - 1) Indexed cost of acquisition

Received or receivable

2) Indexed cost of improvement

3) Any expenditure wholly and

exclusively for the transfer of asset.

COMPUTATION OF TAX ON SHORT-TERM/LONG-TERM CAPITAL GAINS:

Tax will be calculated as follows:

Step I: Find out gross total income of assessee.

Step II: Find out long-term capital gain which is taxable under Section 112

Long term capital gain under section 112 is taxable at a flat rate of 20 %

Step III: Find out short-term capital gain taxable under Section 111 A

Step IV: Find out gross total income from all sources excluding income given under Step II and
III

Step V: Find out ‘other net income’ i.e Other Net income= Value under Step IV-Deduction under
80C-80U

Step VI: Find out income-tax on other net income

[Exemptions - Under Sections 54-54GA]

D. COMPUTE INCOME UNDER HEAD PROFIT OR GAIN FROM BUSINESS OR

PROFESSION[Profit-Deduction]

According to Section 28, following two categories of incomes are taxable under this head on
income:

I. Special Income [Section 28(ii)-(viii)]

II. Profits and Gains of Business or profession [Section 28(i)]

Following Special incomes are taxable under section 28(ii)-28(viii):

I. Any compensation or any other payment [section 28(ii)]

II. Income derived by a trade, professional or similar association [Section28(iii)]
III. Export incentives [Section 28(iiia-iiie)]

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 IV. The value of any perquisite or benefits [Section 28(iv)]
V. Any interest, salary, fee, bonus, etc received or receivable by a partner from a
partnership firm [Section 28(v)]
VI. Any amount received or receivable under special agreement[Section 28(va)]
VII. Amount including bonus received under Keyman Insurance Policy [Section 28(vi)]
VIII. Any sum received or receivable in cash or kind on account of any capital asset
IX. Income from speculative Business

Profits or Gains of business or profession carried on by assessee at any time during the Previous
Year is chargeable to tax under this head of income:

ESSENTIALS:

a) There should be business or profession

b) Such business or profession must be carried on by the assessee
c) It must be carried on for sometime during the previous year
d) There must be profits or gains

COMPUTATION OF PROFITS OR GAINS [SECTION 29]

Profits/Gains from business or profession =Income Received/Receivable -

Deduction/Allowances Permitted under Sections 30-37

E. COMPUTE INCOME UNDER HEAD OTHER SOURCES [Gross Income-

Deductions]

Under this head on income there are following 2 provisions:

1. Special Provisions [Section 56(2)]

2. General Provisions [Section 56(1)]

DEDUCTIONS [SECTION 57] & DISALLOWED DEDUCTIONS [SECTION 58]

TOTAL INCOME= A+B+C+D+E

Step II: Apply Section 60-65 [CLUBBING PROVISIONS]

OBJECT: Sometimes the assessee makes an arrangement to avoid income tax such as
transferring income from an asset to another person or transferring an asset to another person.

Therefore, Section 60-65 are there to nullify such arrangements.Under such arrangements
income transferred or income arsising from asset transferred to transferee shall be clubbed
into the income of the transferor (ASSESSEE) and will be taxable in his hands.

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 I. Transfer Of Income Without Transferring The Asset [Section 60]

Income transferred by an assessee to another person shall be clubbed into the income of assessee
if following conditions are fulfilled:

(a) Assessee may be any person;

(b) Assessee must be owning any asset;
(c) Without transferring the asset he must transfer income arising from that asset to another
person;
(d) Such transfer may be revocable or irrevocable.

II. Income Or Remuneration Arising To Spouse From A Concern: [Section 64(1)(ii)]

Income or remuneration arising to spouse from a concern would be clubbed if following

conditions are fulfilled:

(a) Assessee must be an individual.

(b) He should have substantial interest in a concern.
(c) Spouse of that individual must be employed or working in that concern and earning some
remuneration.
(d) Spouse is employed in that concern without any technical or professional qualification,
knowledge or experience.

III. Income From The Asset Transferred To Spouse :[Section 64 (1)(iv)]

Following conditions to be satisfied for clubbing of Assessee’s Income:

(a) Assessee must be an individual.

(b) Assesee should transfer an asset other than house property.
(c) It must be transferred to his/her spouse
(d) The transfer may be direct/indirect.
(e) The asset must be transferred without adequate consideration or without an agreement to
live apart.
(f) The asset may be held by transferee either in same form or in a different form.

IV. Income From The Asset Transferred To Sons’ Wife: [Section 64(1)(iv)]:

Conditions for clubbing of Assessee’s Income:

(a) Assessee must be an individual

(b) Assessee should transfer an asset on or after May 31,1973.
(c) It must be transferred to his sons’s wife.
(d) Transfer may be direct/indirect

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 (e) The asset must be transferred without adequate consideration.
(f) The asset must be held by the transferee either in same or different form.

V. Income From The Asset Transferred To A Person Or AOPs For Immediate Or

Deferred Benefit Of Spouse [Section 64(1)(vii)]
a) Assessee must be an individual
b) Assessee should transfer an asset.
c) It must be transferred to any person or AOPs.
d) Transfer must be for immediate or deferred benefit of his/her spouse.
e) Transfer may be direct/indirect
f) The asset must be transferred without adequate consideration.

VI. Income From The Asset Transferred To A Person Or AOPs For Immediate Or
Deferred Benefit Of His/Her Sons’s Wife [Section 64(1)(viii)]
a) Assessee must be an individual.
b) Assessee should transfer an asset on or after May 31,1973.
c) It must be transferred to any person or AOPs.
d) Transfer must be for immediate or deferred benefit of his/her son’s wife.
e) Transfer may be direct/indirect
f) The asset must be transferred without adequate consideration.

VII. Income Of A Minor Child [Section 64(1A)]

(Where parents are living together then income of minor child is to be clubbed into total
income of that parent whose total income excluding the income of minor child is greater
than other)

VIII. Self Acquired Property Coverted Into Joint Family Property [Section 64(2)]

IX. Recovery Of Tax [Section 65]

Step III: Apply Sections 68-69 D [AGGREGATION OF INCOME]

Step IV: Apply Sections 70-80 [MAKE ADJUSTMENTS ON ACCOUNT OF SET-OFF

CARRY FORWARD AND SET OFF OF LOSSES]

General principle under Income tax Act is that income of previous year is chargeable to tax
in the relevant assessment year. Under Income-tax Act, income includes loss also.
Therefore, before income is charged to tax in the relevant Assessment year loss is to be set-

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off (adjusted). Further, when there is no income to adjust loss, then such loss can be carried
forward to subsequent assessment year. Section 70-80 of Act deal with set-off, carry
forward and set off of losses.

I. Set Off Of Losses:

1. Inter-source adjustments [Section 70]

If during any assessment Year assessee has loss from any source under any head of income then
this loss can be set off (adjusted) against income from any other source under same head of
income.

2. Inter-head adjustment [Section71]

When net result of adjustment made, under one head of income, during as Assessment Year
under Section 70 is loss then loss can be adjusted against income from any other head of income

II. Carry Forward And Set Off Of Losses:

If due to inadequacy or absence of income in the relevant Assessment year, loss cannot be
adjusted under Section 71 then it can be carried forward by the assessee to the subsequent
Assessment Year and can be adjusted against Income of that year. Only following losses can be
carried forward by the assessee:

a. Loss under head “House Property” i.e. house property loss [Section 71B]
b. Loss under head “Profit or Gains of Business or Profession”.
i. Business Loss [Section 72]
ii. Speculative business loss [Section 73]
iii. Specified Business loss [Section 73A]
c. Loss under head “Capital Gain” i.e. capital loss [Section 74]
d. Loss from the activity of owning and maintaining race horses [Section 74A]

III. Carry Forward And Set Off Losses In Special Cases:

a. Loss of Partnership firms [Section 75] [w.e.f. Assessment Year 1993-1994]
b. Losses of Private Company in case there is change in constitution of the Private
Company [Section 79]

Step V: GROSS TOTAL INCOME= Step I+ Step II+ Step III+ Step IV

G. T. I. = Salary Income + House Property Income + Business or Profession

Income + Capital Gains + Other Sources Income + Clubbing of Income - Set-off of Losses

NET INCOME LIABLE TO TAX: GTI-DEDUCTIONS [Section 80C-80U]

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 DEDUCTIONS

S. No. Section Details of deductions Quantum

1 80C General deduction for investment in Maximum Rs 1 ,00,000 is allowed.
PPF,PF,Life Insurance, ULIP, Stamp duty
on house, Fixed deposits for 5 years , bonds Investment need not be from taxable
etc income.

2 80CCC Deduction in case of contribution to Maximum is Rs 1,00,000

pension fund. However, it should be noted
that surrender value or employer
contribution is considered income.
3 80CCD Deduction in respect to contribution to new Maximum is sum of employer’s and
pension scheme. Employees of central and employee’s contribution to the
others are eligible. maximum : 10 % of salary.
4 It should be noted that as per section 80CCE , the maximum amount of
deduction which can be claimed in aggregate of 80C ,80CCC & 80CCD is Rs
1,00,0000
5 80D Medical insurance on self, spouse , Rs 15,000 for self , spouse & children
children or parents
Extra Rs 15,000 for insurance on parents.
IF parents are above 65 years, extra sum
should be read as Rs 20,000

Thus maximum is RS 35,000 per annum

6 80DD For maintenance including treatment or Rs 50,000 . In case disability is severe ,

7insurance the lives of physical disable the amount is Rs 1,00,000.
dependent relatives
7 80DDB For medical treatment of self or relatives Acutal amount paid to the extent of Rs
suffering from specified disease 40,000. In case of patient being Sr Citizen
, amount is Rs 60,000
8 80E For interest payment on loan taken for Actual amount paid as interest and start
higher studies for self or education of from the financial year in which he /she
spouse or children starts paying interest and runs till the
interest is paid in full.
9 80G Donations to charitable institution 100% or 50% of amount of donation
made to 19 entities (National defense
fund , Prime minister relief fund etc. )
10 80GG For rent paid. This is only for people not getting any
House Rent Allowance. Maximum is Rs
2000 per month. Rule 11B is method of
computation.

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11 80GGA For donation to entities in scientific Only those tax payers who have no
research or rural development f business income can claim this deduction
.Maximum is equivalent to 100 % of
donation.
12 80GGC For contribution to political parties 100 % of donations
13 80QQB Allowed only to resident authors for Royalty income or Rs 3,00,000
royalty income for books other than text whichever is less.
book
14 80RRB For income receipt as royalty on patents Actual royalty or Rs 3,00,000 whichever
of resident individuals is less.
15 80U Deduction in respect of permanent RS 50,000 which goes to Rs 1,00,000 in
physical disability including blindness to case taxpayer is suffering from severe
taxpayer disability

Step VI: ROUNDING OFF TO NET TAXABLE INCOME [Section 288B]

Step VII: COMPUTATION OF TAX LIABILITY:

a) Tax on net income=Net Taxable Income × Tax Rate

b) Add surcharge
c) Add education cess and secondary higher education cess
d) Reduce pre-paid taxes:
 Self-assessment tax
 TDS and TCS
 Advance Tax
e) Rounding off to tax liability [Section 288B]

Rounding off of Total Income [Section 288A]

Total income or total taxable income of the assessee shall be rounded-off to the nearest multiple
of 10, i.e., if the last figure in the total income is five or more, it would be raised to the next
higher multiple of 10 and if the last figure of total income is less than five, the same shall be
reduced to lower amount which should be a multiple of ten.

Rounding off of Tax [Section 288B]

As per the Taxation Laws (Amendment) Act, 2005, (w.e.f. July 13, 2006) the amount of tax
payable including tax deductible at source; advance tax, interest, fine, penalty, the amount of any
refund etc. shall be rounded to the nearest rupee ten, i.e., last figure of rupee five or above shall
be raised to rupee ten whereas if the last figure is upto rupee four and ninty nine paisa, it shall be
ignored.

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 BIBLIOGRAPHY

BOOKS REFERRED

1. Gandhi, V.P., Some Aspects of India’s Tax Structure- An Economic Analysis, Vora &
Co. Publishers, Bombay, 1970.
2. Garg, H.R., Direct Tax Machinery in India – A Critical Evaluation,
3. Rattan Jyoti, Taxation Laws, 8th edition, Bharat Law House Pvt. Ltd.

WEBSITES REFERRED

1. http://www.simpleinterest.in/tax-deductions-under-section-80/
2. https://www.bankbazaar.com/tax/income-tax-deductions-under-section-
80c-to-80u.html

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