CHAPTER IV COMPUTATION OF TOTAL INCOME D.— Profits and gains of business or profession Clause 34 Income Tax Bill 2025 General conditions for allowable deductions. 34(1) Any expenditure (not being an expenditure of the nature specified in sections 28 to 33 and not being in the nature of capital expenditure or personal expenses of the… Read More »

CHAPTER IV COMPUTATION OF TOTAL INCOME D.— Profits and gains of business or profession Clause 33 Income Tax Bill 2025 Deduction for depreciation. 33. (1) A deduction in respect of depreciation of— (a) buildings, machinery, plant or furniture, being tangible assets; (b) know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights… Read More »

CHAPTER IV COMPUTATION OF TOTAL INCOME D.— Profits and gains of business or profession Clause 32 Income Tax Bill 2025 Other deductions 32. (1) The following amounts shall be allowed as deduction in computing income chargeable under section 26:–– (a) bonus or commission paid to an employee for services rendered, but only when such sum… Read More »

CHAPTER IV COMPUTATION OF TOTAL INCOME D.— Profits and gains of business or profession Clause 28 Income Tax Bill 2025 Rent, rates, taxes, repairs and insurance. 28(1) The following amounts shall be allowed as deduction in respect of  premises, machinery, plant or furniture, wholly and exclusively, used for the purposes of the business or profession:––… Read More »

CHAPTER IV COMPUTATION OF TOTAL INCOME D.—Profits and gains of business or profession Clause 27 of Income Tax Bill 2025 Manner of computing profits and gains of business or profession. 27 (1)The income referred to in section 26 shall be computed as per the provisions of sections 28 to 60, except section 58.    

THE INCOME-TAX BILL 2025 CHAPTER IV COMPUTATION OF TOTAL INCOME CLAUSE 20  Income from house property CLAUSE 21   Determination of annual value. Clause 22 Deductions from income from house property CLAUSE 23 Arrears of rent and unrealised  rent received subsequently. CLAUSE 24 Property owned by co-owners CLAUSES 25 Interpretation D.— Profits and gains of business… Read More »

CHAPTER IV COMPUTATION OF TOTAL INCOME D.— Profits and gains of business or profession Clause  29  Income Tax Bill 2025 Deductions related to employee welfare 29(1) The following sums, when paid by the assessee as an employer, shall  be allowed as deduction in computing income chargeable under section 26:–– (a) any contribution paid to a… Read More »