Business Exemptions, Expenditure and Deductions - Under Income-tax Act (As amended by the Finance Act, 2023)

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Description
The ever expenditure shrinkage and income expansion have defaced the real business income as prudential hype. Whereas business income is now the aggregate of business receipts-real, included, deemed, assumed and presumed; the expenditures have attained restrictive allowance; the trend seen in the Finance Act, 2022 prohibiting allowance of medical freebies expenditure by equating them with purpose which is an offence or which is prohibited by law and recent Finance Act, 2023 prohibiting set off of unabsorbed depreciation and brought forward loss allowance to the assessee in cases of presumptive income opted under section 44BB exploration of mineral oils and 44BBB turnkey projects of foreign companies. Step-wise exemptions, trade losses, expenditure and allowances are abatements to compute total income to charge to income tax. After exemptions, profits and gains income is computed in accordance with provisions contained in Chapter IV-D, by set off of computational head losses under Chapter VI and industry specific deductions under Chapter VIA of the Act.
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Table of Contents
Chapter 1      Introduction
Chapter 2      Exemptions at threshold
Chapter 3      Business income (Section 28)
Chapter 4      Business income computation (Section 29)
Chapter 5      Rent, rates, taxes, repair, insurance for premises (Section 30)
Chapter 6      Repairs and insurance of machinery, plant or furniture (Section 31)
Chapter 7      Depreciation (Section 32)
Chapter 8      Development/Investment allowances
Chapter 9      Weighted deductions and amortizations (Section 35, 35A to 35E)
Chapter 10    Other deductions (Section 36)
Chapter 11    General deductions (Section 37)
Chapter 12    Partly business deductions (Sections 38-40A)
Chapter 13    Remission/cessation of allowed deductions (Section 41)
Chapter 14    Special deductions for oil business (Section 42)
Chapter 15    Definitions of terms (Section 43)
Chapter 16    Presumptive income and deductions (Sections 43CA, 43D, 44-44DA)
Chapter 17    Accounts and audit (Sections 44AA-44AB)
Chapter 18    Set off, or carry forward allowances (Sections 70 to 80)
Chapter 19    Deductions from income (Chapter VIA: Sections 80A to 80U)
SUBJECT INDEX
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Author Details
R.P. Garg