File Name: income from profit and gains of business and profession file.zip
Not every income-producing activity constitutes a business or profession. A business or profession has certain features, as follows:. Example: Charles invests in stock for his personal financial benefit.
- Net Income (Loss) from the Operation of a Business, Profession or Farm
- Business Income
- Complete Guide on Depreciation as per Income Tax – Section 32
Net Income (Loss) from the Operation of a Business, Profession or Farm
Call: Method of accounting. The two recognized methods are Cash system and Mercantile system of accounting. Profits or gains of any business or profession carried on by the assessee at any time during the previous year. Any interest salary, bonus due to or received by a partner of a firm from such firm.
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Also Read — Meaning of Depreciation. If the amount of WDV comes at a negative amount then no depreciation is allowed and the amount will be considered as capital gain and the closing WDV will be zero. If such amount is positive and no asset exists in the block then such amount will be treated as short term capital loss and no depreciation is alllowed. If the above calculations results in a negative WDV then such amount will be considered as short term capital gains. If such amount is positive and no asset exists in the block then such amount will be treated as short term capital loss.
The following incomes are chargeable to tax under the head Profit and Gains from Business or Profession:. Explanation to section 28 Income from speculative transactions. However, it shall be deemed to be distinct and separate from any other business. Succession could be due to amalgamation or demerger or succession of a firm succeeded by another firm or company, etc. Any liability which is unilaterally written off by the taxpayer from the books of accounts shall be deemed as remission or cessation of such liability and shall be chargeable to tax.
In view of Section 2 13 , business includes any a trade, b commerce, c manufacture, or d any adventure or concern in the nature of trade, commerce or manufacture. It covers every facet of an occupation carried on by a person with a view to earning profit. Business arises out of commercial transactions between two or more persons. One cannot enter into a business transaction with oneself. As per section 2 36 , profession includes vocation. Winnings from lotteries, races, etc.
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Complete Guide on Depreciation as per Income Tax – Section 32
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