What are the Amounts Deductible under Profits and Gains of Business or Profession

 What are the amounts deductible under the head “Profits and gains of business or profession Bried description of section 40 Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,—  (a)  in the […]

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Amounts Not Deductible-40

Amounts not deductible (40)   Section 40. Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,—  (a)  in the case of any assessee—  [(i)  any interest (not being interest on a loan […]

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What Constitutes Vocation?

VOCATION The word “vocation” comes from the Latin vocare, meaning “to call.”A vocation is an occupation, either professional or voluntary, that is carried out more for its unselfish benefit than for income, which might be regarded as a secondary aspect of the vocation, however beneficial. Vocations can be seen as fulfilling a psychological or spiritual […]

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PERSON-2(31)

PERSON 2(31) Definition “person” includes—  (i)  an individual, (ii)  a Hindu undivided family, (iii)  a company, (iv)  a firm, (v)  an association of persons or a body of individuals, whether incorporated or not, (vi)  a local authority, and (vii)  every artificial juridical person, not falling within any of the preceding sub-clauses.  [Explanation.—For the purposes of […]

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