250 Q&A on Deductions
Here are 2 50 interview-style questions and answers based on the document DEDUCTIONS.pdf you provided, covering Chapter VI-A Deductions and Section 10AA of the Indian Income Tax Act: ✅ Section-Wise Interview Q&A on Deductions from Gross Total Income GENERAL OVERVIEW Q: What is the key difference between exemption under section 10 and deduction under Chapter VI-A? A: Exemptions are not included in gross total income, whereas deductions are first included and then reduced from gross total income. Q: Can a deduction result in a negative total income? A: No, deductions cannot create a loss. Total income after deduction is either positive or nil. Q: Under which tax regime are most deductions under Chapter VI-A not allowed? A: Under the default tax regime as per Section 115BAC. Q: Which deductions are allowed under Section 115BAC default regime? A: Deductions under 80CCD(2), 80CCH(2), and 80J...