The following income shall be deducted from the total income, namely:- :

(1) By bank transfer by the taxpayer in any income year-

(a) any income donated to any fund established under or by the Prime Minister’s Education Assistance Trust Act, 2012 (Act No. 15 of 2012), subject to the following maximum amount, namely:-

(i) 10% (ten percent) of the income of a company or 8 (eight) crores, whichever is less;

(ii) 10% (ten percent) of the income of any taxpayer other than the company or 1 (one) crore, whichever is less;

(b) income donated to any girls’ school or women’s college approved by the Ministry of Education of the Government; and

(c) income donated to any technical and vocational training institute approved by the Ministry of Education of the Government;

(2) Income donated by the taxpayer in any income year through bank transfer to any national level institution involved in research and development for agricultural, scientific, technological and industrial development.