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Deduction for Interest on Borrowed Capital and Other Financial Charges
Deduction
for Interest on Borrowed Capital and Other Financial Charges
Interest paid
on capital borrowed for the purposes of the business or profession is a
specifically allowable deduction, reflecting the reco...
Speculative Business — Definition, Special Tax Treatment and Loss Restrictions
Speculative Business — Definition, Special Tax Treatment and Loss
Restrictions
A transaction
in which a contract for the purchase or sale of any commodity, including stocks
and shares, is periodically or ulti...
Presumptive Taxation for Professionals — Simplified Compliance for Specified Professions
Presumptive Taxation for Professionals — Simplified Compliance for
Specified Professions
A parallel
presumptive taxation scheme is available to individuals carrying on specified
professions — such as legal ...
Deductions for Rent, Rates, Repairs and Insurance of Business Premises, Plant and Machinery
Deductions
for Rent, Rates, Repairs and Insurance of Business Premises, Plant and
Machinery
Rent paid for
premises used for the purposes of business or profession, municipal taxes and
rates connected with such...
Presumptive Taxation for Small Businesses — Simplified Profit Computation Without Detailed Books
Presumptive Taxation for Small Businesses — Simplified Profit Computation
Without Detailed Books
The
presumptive taxation scheme for eligible small businesses allows a taxpayer to
declare a specified pe...
Tax Audit Requirements — When Business and Professional Accounts Must Be Audited
Tax Audit Requirements — When Business and Professional Accounts Must Be
Audited
Where a
business's turnover, or a profession's gross receipts, exceeds the prescribed
threshold in a tax year, the accounts mus...
Depreciation Allowance Under Section 33 — Block of Assets, Ownership Test, Rates and Additional Depreciation
:
Depreciation Allowance Under Section 33 — Block of Assets, Ownership Test,
Rates and Additional Depreciation
Depreciation
on tangible and intangible assets used for business or profession is governed
by Se...
Maintenance of Books of Account — Who Must Maintain Records and What They Must Contain
Maintenance of Books of Account — Who Must Maintain Records and What They
Must Contain
Persons
carrying on specified professions — including legal practice, medicine,
engineering, architecture, accountancy,...
General Principles of Computing Business Income — What Is Deductible Even Without an Express Provision
General
Principles of Computing Business Income — What Is Deductible Even Without an
Express Provision
Business
income is not computed by mechanically applying only the specific deduction
clauses the Act enu...
Statutory Dues Deductible Only on Actual Payment — The Payment-Basis Rule
Statutory Dues Deductible Only on Actual Payment — The Payment-Basis Rule
Certain
categories of business expenditure — statutory taxes, duties, cess or fees,
employer contributions to specified employee welf...