Taxation of Income from BUSINESS OR PROFESSION Under Income Tax Law

The most important head of income is the head ‘Profits and gains of Business or Profession’. The provisions of Sections 28 to 44D deal with the method of computing income under head “Profits and Gains of Business or Profession”. This book is an attempt to bring to focus the basics of tax law relates to income under the head “Profits and Gains of Business or Profession” with reference to the substantive provisions of law, rules, procedures and computation of Income under this head. The provisions for computation of Income from Business and Profession are covered under sections 28 to 44D. In this book, you will learn what are the constituents of business or profession. Which incomes are chargeable under this head which are admissible/inadmissible expenses while computing the income from business and profession. When are certain receipts deemed to be income chargeable to tax under this head. Which are the deductions allowable on actual payment basis. Which assessees are required to compulsorily maintain books of account. When is audit of accounts compulsory. Who are the assessees to whom presumptive tax provisions apply. This book would be a comprehensive practical guide for finding solution to problems. It would be useful to both the beginners as well as established ones in tax executives, to tax practitioners and the taxpayers.