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Deductions from Gross Income under the Head 'Profits and Gains of Business or Professions' [Section 30 to 37]

Section 29 says that the profits under the head ‘Profits and Gains of Business or Profession’ are calculated in accordance with the provisions contained in Sections 30 to 44DB, which provide for the deductions to be made from the gross income. These deductions are :

S.L.No.

Particulars

Sections

1

Rent, Rates, Taxes, Repairs And Insurance For Building [Section 30]

[Section 30]

2

Repairs and insurance of machinery, plant and furniture [Section 31]

[Section 31]

3

Depreciation [Section 32]

[Section 32]

4

Investment allowance in Notified Backward Area in Andhra Pradesh, Bihar, Telangana or West Bengal [Section 32AD]

[Section 32AD]

5

Tea/Coffee/Rubber Development Account [Section 33AB]

[Section 33AB]

6

Site Restoration Fund [Section 33ABA]

[Section 33ABA]

7

Expenditure on Scientific Research [Section 35]

[Section 35]

8

Expenditure for Obtaining Right to use Spectrum for Telecommunication Services [Section 35ABA]

[Section 35ABA]

9

Expenditure for obtaining Licence to operate Telecommunication Services [Section 35ABB]

[Section 35ABB]

Deductions from Gross Income under the Head 'Profits and Gains of Business or Professions' [Section 30 to 37]

10

Deduction in respect Of Expenditure On Specified Business [Section 35AD]

[Section 35AD]

11

Payment to Associations and Institutions for carrying out Rural Development Programmes [Section 35CCA]

[Section 35CCA]

12

Expenditure on Agricultural Extension Project [Section 35CCC]

[Section 35CCC]

13

Expenditure on Skill Development Project [Section 35CCD]

[Section 35CCD]

14

Amortisation of Preliminary Expenses [Section 35D]

[Section 35D]

15

Amortisation of expenditure in case of Amalgamation / Demerger [Section 35DD]

[Section 35DD]

16

Amortisation of Expenditure under Voluntary Retirement Scheme [Section 35DDA]

[Section 35DDA]

17

Amortisation of Expenditure on Prospecting etc., for Development of Certain Minerals. (Section 35E)

(Section 35E)

18

Insurance Premium [Section 36(1)(i)]

[Section 36(1)(i)]

19

Bonus or Commission to Employees [Section 36(1)(ii)]

[Section 36(1)(ii)]

20

Interest on Borrowed Capital [Section 36(1)(iii)]

[Section 36(1)(iii)]

21

Discount on issue of Zero Coupon Bonds [Section 36(1)(iiia)]

[Section 36(1)(iiia)]

22

Employer’s Contribution to Recognised Provident Fund and Approved Superannuation Fund [Section 36(1)(iv)]

[Section 36(1)(iv)]

23

Employer’s Contribution to National Pension Scheme (NPS) [Section 36(1)(iva)]

[Section 36(1)(iva)]

24

Contribution towards Approved Gratuity Fund [Section 36(1)(v)]

[Section 36(1)(v)]

25

Employees’ Contribution to Staff Welfare Schemes [Section 36(1)(va)]

[Section 36(1)(va)]

26

Allowance in respect of Dead or Permanently useless Animals [Section 36(1)(vi)]

[Section 36(1)(vi)]

27

Bad debts [Section 36(1)(vii)]

[Section 36(1)(vii)]

28

Provision for Bad and Doubtful Debts relating to Rural Branches of Commercial Banks [Section 36(1)(viia)]

[Section 36(1)(viia)]

29

Transfer to Special Reserve [Section 36(1)(viii)]

[Section 36(1)(viii)]

30

Family Planning Expenditure [Section 36(1)(ix)]

[Section 36(1)(ix)]

31

Securities Transaction Tax [Section 36(1)(xv)]

[Section 36(1)(xv)]

32

Commodities Transaction Tax [Section 36(1)(xvi)]

[Section 36(1)(xvi)]

33

Expenditure by Co-Operative Society for purchase of Sugarcane [Section 36(1)(xvii)]

[Section 36(1)(xvii)]

34

General Deductions [Section 37]

[Section 37]

35

General Or Allowable Deductions under Business or Professions [Section 37(1)]

[Section 37(1)]

 

Topics...on ‘Profits and Gains of Business or Profession’

Define … ‘Profits and Gains of Business or Profession’ and its Computation (Section 28)
Method of Accounting for Computing Business Income (Section 145)
Principles for Allowing Business Deductions / Allowances from Profits and Gains of Business or Profession.
Expenses Allowed as Deductions against Profits and Gains of Business or Profession [Section-30-37]
[Section 37(1)] : General Or Allowable Deductions under Business or Professions
Business Losses Deductible under the head  'Profits and Gains of Business or Profession'.
Expenses Not Deductible under the head 'Profits and Gains of Business or Profession (Section 40, 40A, 43B)
DEEMED PROFITS Chargeable to Tax as Business Income Under Profits and Gains of Business or Professions [Section 41]
Taxation of Undisclosed Business Income/Investments from Undisclosed Sources
Deduction in respect of Expenditure incurred on setting up of a Specified Business [Section-35AD] :
When Maintenance of Books of Accounts becomes Compulsory (Section 44AA)
Compulsory Audit of Books of Accounts by Chartered Accountant (Section 44AB)
Computation of Income On Estimated Basis Under Sections 44AD, 44ADA and 44AE

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