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Taxable Income

How is income from business or profession computed?

Income chargeable to tax is computed after deducting the following:

1. Expenditure incurred during the previous year wholly and exclusively for the purpose of the business;

2. After deducting allowances and deductions provided in Sections 30 to 43D of the I.T. Act. 1961;

3. The following expenses are not alloweable:-

- Expenditure relating to a discontinued business;

- Expenditure incurred before setting up of a business;

- Provisions, anticipated losses, reserves or contingent liabilities, bad debts etc. which have not arisen during the previous year.

Source: Income Tax Department

Salaries

Income from House Property

Capital Gains

Income from Other Sources

Wealth Tax

TDS

PAN

General

Taxable Income

Return of income

Assessment

Due dates for filing tax returns

Deductions

NRIs

Sections
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