Section 28 of the Income Tax Act, 1961, deals with the chargeability of income from profits and gains of a business or profession to income tax – under the head “Profits and gains of business or profession”.
There are certain types of income which are not taxable as income under this head.
According to section 37(1) of the act, for a particular item of expenditure to be an allowable deduction under this section, it should not be a capital expenditure or personal expense (or another expenditure described in sections 30 to 36 of the act) of the assessee; and it should have been laid out or expended wholly and exclusively for the purpose of the business or profession of the assessee.
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Sumes Dewan is a partner at KR Chawla & Co Advocates & Legal Consultants. The firm is headquartered in New Delhi and has offices in Chennai and Bangalore as well as a representative office in Singapore.
KR Chawla & Co
Head Office
7th Floor, Kailash Building
26, Kasturba Gandhi Marg
New Delhi – 110 001
India
Tel: +91 11 2335 7658-61
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Email: krclo@krcco.com
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Tel: +65 6432 5220
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