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What is Taxation of Business Profits and Gains about?

The document discusses the key aspects of determining profits and gains from business or profession under the Income Tax Act, 1961. It provides that profits and gains from any business or profession carried out in India during the previous year are taxable. The income is computed based on the method of accounting regularly followed by the assessee, by making adjustments for allowable/non-allowable expenses and incomes taxable under other heads. Business means activities like trade, manufacture, or adventure

Author

Surya Murugan

Language

EN