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Deduction for Bad Debts and Provision for Doubtful Debts
Deduction
for Bad Debts and Provision for Doubtful Debts
A debt that
has actually become irrecoverable and is written off as bad in the accounts of
the assessee for the relevant tax year is deductible in comput...
Unexplained Cash Credits, Investments and Expenditure in a Business Context
Unexplained Cash Credits, Investments and Expenditure in a Business Context
Where any sum
is found credited in the books of an assessee for a tax year — a cash credit,
an unexplained investment, unexplained mo...
Cary Forward and Set-off of Business Losses
Cary Forward and Set-off of Business Losses
A loss
computed under the head 'Profits and Gains of Business or Profession' that
cannot be fully set off against income from other heads in the same tax year
(subjec...
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...