Share |

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’

Get Updated ....
Tally.ERP 9 Book
 
Guide & FAQ on Tax Knowledgebase @ Taxation Income Tax @ Glance HUF - Formation, Planning & Taxation
Charitable & Religious TRUST NRI (Tax Planning,Saving,Investemnt) Budget 2017-2018 GST (FAQ, Law, Act. Rules, Schedule, Enrollment)

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications