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.
Define … ‘Profits and Gains of Business or Profession’ and its Computation (Section 28)
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