Income from Business: Key Aspects of Taxation Under Section 28
•Download as PPT, PDF•
34 likes•6,718 views
Income from business
![Charging Section[Sec.28] ,[object Object],[object Object],[object Object],[object Object],[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Recommended
More Related Content
What's hot
What's hot (20)
Viewers also liked
Viewers also liked (20)
Similar to Income from Business: Key Aspects of Taxation Under Section 28
Similar to Income from Business: Key Aspects of Taxation Under Section 28 (20)
More from Augustin Bangalore
More from Augustin Bangalore (20)
Recently uploaded
Recently uploaded (20)
Income from Business: Key Aspects of Taxation Under Section 28
- 1. Income from business/Profession By Prof. Augustin Amaladas M.Com., AICWA.,PGDFM., B.Ed.
- 19. Residential quarters If used by the assessee’s employees –depreciation is allowed.
- 50. Limit of preliminary expenses Actual cost= costs incurred initially and additional costs after commencement Of business 5% of the cost of the project 5% of cost of project or 5% of capital employed Whichever is More(dil monge more) Non-Corporate assessee Corporate assessee
- 70. Expenses incurred by commission agent from insurance UTI agents etc.If commission less than 60,000 20,000 50% of commission 15% OF THE COMMISSION 33 1/3% No deduction 50% LIC –first year Renewal commission First & renewal Commission Bonus commission UTI/agents of specified securities, mutual funds authorised agent 3 2 1 Max. deduction Adhoc deduction commission
- 72. Benefits to public financial institutions
- 114. Profit and loss account 10,00,000 Gross profit Interest on bonds Dividend received Rent Rent paid in advance Profit on sale of investment discount Salaries Rent and rates Office expenses Stock destroyed Depreciation Discount Advertisement Interest on loan Scientific research expenses Bad debts RBD Insurance on building Insurance stock Income tax Amount Rupees particulars Amount Rupees particulars