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  • Profits and Gain From Business

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    Vinayak Bhardwaj
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    This document presents information about profits and gains from business or profession. It discusses key topics like what constitutes business income, taxable income sources, deductions allowed, and methods for computing income. Specific sections cover definitions of business, income taxable under this head, computation of income, deductions allowed like rent and depreciation, expenses not allowed as deductions, and methods for computing income from financial statements. The presentation is by a group for their class project.

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    TAX related

    Original Title

    profits and gain from business

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    This document presents information about profits and gains from business or profession. It discusses key topics like what constitutes business income, taxable income sources, deductions allowed, and methods for computing income. Specific sections cover definitions of business, income taxable under this head, computation of income, deductions allowed like rent and depreciation, expenses not allowed as deductions, and methods for computing income from financial statements. The presentation is by a group for their class project.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    12 views9 pages

    Profits and Gain From Business

    Uploaded by

    Vinayak Bhardwaj
    This document presents information about profits and gains from business or profession. It discusses key topics like what constitutes business income, taxable income sources, deductions allowed, and methods for computing income. Specific sections cover definitions of business, income taxable under this head, computation of income, deductions allowed like rent and depreciation, expenses not allowed as deductions, and methods for computing income from financial statements. The presentation is by a group for their class project.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 9

    PROFITS & GAINS OF

    BUSINESS OR PROFESSION
    PRESENTATED BY –

     GROUP NO.[01]

    • VINAYAK (01)
    • KIRAN (12)
    • KRUTIKA (29)
    • SHABAZ (17)
    • ZEESHAN (10)
    INTRODUCTION

     BUSINESS INCOME

     INCOME WHICH ARE TAXABLE

     PROCEDURE

     DEDUCTIONS

     LIFE INSURANCE BUSINESS


    BUSINESS

     DEFINATION

     ADVENTURE

     TRANSACTION

     TRADE
    INCOME TAXABLE UNDER THIS HEAD

     PROFITS AND GAINS

     TERMINATION AND MODIFICATION

     INCOME DERIVED

     PROFITS ON SALE

     CASH ASSISTANCE

     REFUND

     PROFIT ON TRASFER
    COMPUTATION OF INCOME FROM
    BUSINESS OR PROFESSION

     MEANING

     PRINCIPALS OF ACCOUNTANCY

     COMMERCIAL PROFITS V/S TAXABLE

    PROFITS
    DEDUCTION SPECIFICALLY
    ALLOWABLE

     RENT,RATES,TAXES,REPAIRS

     DEPRECIATION

     INSURANCE

     BONUS & COMMISSION

     INTEREST ON BORROWED CAPITAL

     CONTRIBUTION OF EMPLOYEE

     BAD DEBTS
    EXPENCES NOT ALLOWED AS
    DEDUCTION

     ADVERTISEMENT

     BUILDING,MACHINARY, PLANT…

     PAYMENT OUTSIDE INDIA

     PAYMENT TO RESIDENT

     CERTAIN SALARIES

     INTEREST, SALARY PAID ETC.


    METHODS OF COMPUTING INCOME

     WHEN PROFIT AND LOSS ACCOUNT OR

    INCOME AND EXPENDITURE ACCOUNT


    GIVEN.
     WHEN RECEIPTS AND PAYMENTS

    ACCOUNT IS GIVEN.

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