The term "deduction under section 1" is not explicitly defined in the provided search results. However, based on common tax terminology and the context of income tax laws, "deduction under section 1" generally refers to a provision in a tax act that allows taxpayers to reduce their taxable income by certain amounts or expenses specified under that section. If you are referring to Indian Income Tax context, there is no direct "deduction under section 1" mentioned in the search results. Instead, deductions are often referred to under sections like 80C, 80CCD, etc., which allow deductions for investments and contributions to schemes like the National Pension System (NPS)
. In Australian tax law, Section 8-1 of the Income Tax Assessment Act 1997 allows taxpayers to deduct from their assessable income any loss or outgoing incurred in gaining or producing that income, except for losses of a capital nature or private/domestic expenses
. If you can specify the jurisdiction or the full context of "section 1," I can provide a more precise explanation.
Summary of Relevant Deductions in Income Tax Acts:
- India (Section 80CCD(1)) : Deduction on contributions to the National Pension System up to 10% of salary
- Australia (Section 8-1) : General deduction for losses or outgoings incurred in producing assessable income, excluding capital or private expenses
Please clarify the jurisdiction or provide more details for a targeted answer.
