New Provision
Section 141, IT Act 2025
Replaces (IT Act 1961)
80-IB
Chapter
Chapter VIII — Deductions in Computing Total Income
Effective From
1 April 2026
Statutory Text — Section 141
In respect of any tax year, where–– (a) the gross total income of an assessee, includes any profits and gains derived from any business referred to in section 80-IB of the Income-tax Act, 1961; and (b) such assessee is eligible to claim a deduction from the profits and gains derived from such business for such tax year under the provisions of the said section, as if the said Act had not been repealed, there shall be allowed, in computing the total income of the assessee, a deduction from the profits and gains derived from such business, subject to the conditions that— (i) the amount of deduction is calculated as per the provisions of section 80-IB of the Income-tax Act, 1961; and (ii) the deduction under this Act shall be allowed only for such tax years, as would have been allowed under section 80-IB of the Income-tax Act, 1961, as if the said Act had not been repealed.
Shahi & Co. — Our Understanding
This section falls under Chapter VIII which provides deductions from gross total income — these reduce your taxable income and directly lower your tax liability.
Practical Note: Unlike exemptions (Chapter III), deductions require active claiming in the ITR. Ensure proper documentation — payment proofs, investment certificates, employer certificates — is maintained for every deduction claimed.
Shahi & Co., Chartered Accountants
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Disclaimer: This is a reproduction of Section 141 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.