Incomes Chargeable to Tax under Profits and Gains of Business or Profession

 

• 1.   [Section 28]- List of Incomes Chargeable to Income-Tax
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• 2.   [Section 28(via)] – Incomes in case of Treatment on conversion of inventory into Capital Asset
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• 3.   [Section 29]- Income from business or profession — how to be computed
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• 4.   Method of Accounting of Business or Profession [Section 145] (1)
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• (1)   Income to be computed either on the basis of cash or mercantile system of accounting [Section 145(1)]
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• (2) Central Government empowered to notify income computation and disclosure standards [Section 145(2)]
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• (3) Assessing Officer empowered to make assessment in the manner provided under section 144 in certain cases [Section 145(3)]
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• (4)   Method of accounting in certain cases [New section 145A]
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• (5)   Taxability of certain income [Section 145B]

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