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Profits and Gains of.. "Business or Professions"

Under Section 28 to 44 of the Income Tax Act 1961, Profit and Gains of Business or Profession form part of Total Income of an assessee. This head is the most important source of tax collection for the Government. The computation of income under this head is a very complex and difficult method but before going into calculation of income under this head, it is necessary to understood the meaning of terms used in this head.

3.1.       What is the meaning of ‘Business & Profession’

3.2.       What Expenses can be claimed as Deductible Expenses

3.3.       Which Expenses are considered as Expenses not Deductible ?

3.4.       What are Deemed Profits and How they are charged to Tax.

3.5.       What is the meaning of ‘Set-Off & Carry Forward’ of Business Losses

3.6.       Which Professional / Businessmen have to maintain Books of Accounts.

3.7.       Is Audit of Accounts compulsory for Businessman.

3.8.       Chart Showing Computation for ‘Profit & Gains of Business or Profession’

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