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What are the expenses that I can deduct from my business receipt while calculating the business profit?

Only those revenue expenses that are directly related to the earning of your business receipt can be claimed as business expenditure. Personal expenses are not allowed to be deducted.

How is income from business or profession computed?

What is Assessment year and financial year?

Due dates for filing of returns of income/loss?

Can a return of income be filed after the due date?

Is it compulsory to maintain books of accounts?

Is it compulsory to get the books audited?

I sold a large piece of land by dividing into smaller plots. Would this one time activity still be considered as business activity?

What books of account have been prescribed to be maintained by a person carrying on business under the Income tax Act?

Are professionals required to maintain books of account?

Do a small time trader need to maintain any accounts?

What is meant by audit of the books of account?

What do you mean by revenue expenditure?

Can I claim deduction for business capital expense incurr?

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

Tax Glossary

Other Glossary

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