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This document discusses provisions related to income under the head "Profits & Gains of Business or Profession" in the Income Tax Act.
It covers the basis of charge for this head of income, what constitutes a business, conditions for claiming agricultural income, deductions allowed like rent, repairs, depreciation, scientific research expenditure. It also discusses concepts like normal depreciation, additional depreciation, unabsorbed depreciation, and conditions for claiming certain deductions.
Specific deductions discussed include tea/coffee development account, site restoration fund, and reserves for shipping business. Conditions and amounts for deduction for expenditure on scientific research are also summarized.
This document discusses provisions related to income under the head "Profits & Gains of Business or Profession" in the Income Tax Act.
It covers the basis of charge for this head of income…