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 »
CBIC FAQ’s on Restaurant Service’ supplied at ‘Specified Premises’ Frequently Asked Questions on ‘Restaurant Service’ supplied at ‘Specified Premises’ SI. No. Question Answer 1. What do you mean by ‘specified premises’? W.e.f. 01.04.2025, the definition of specified premises shall be as under: “Specified premises”, for a financial year, means,- (a) a premises from where the… Read More »
Finance Act 2025 Notified Download MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 29th March, 2025/Chaitra 8, 1947 (Saka) The following Act of Parliament received the assent of the President on the 29th March, 2025 and is hereby published for general information:— THE FINANCE ACT, 2025 No. 7 of 2025 [29th March, 2025.]… Read More »
New Banking Rules 2025 बैंक खाते में यह गलती मिली तो होगा सारा पैसा जब्त ! Banking News update
New Changes in Tax Audit Report Form 3CD from 1st April 2025 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th March, 2025 INCOME-TAX G.S.R. 207(E).––In exercise of the powers conferred by section 44AB and section 295 of the Income-tax Act (43 of 1961), the Central Board… Read More »
CHAPTER IV COMPUTATION OF TOTAL INCOME D.— Profits and gains of business or profession Clause 26 Income Tax Bill 2025 Income under head “Profits And gains of business or profession”. 26. (1) The income from any business or profession carried on by the assessee at any time during the tax year shall be chargeable to income-tax… Read More »