B Com Exam > B Com Videos > Income Tax Laws > Profits and Gains to Business or Profession - Head of Income, Income Tax Laws
Profits and Gains to Business or Profession - Head of Income, Income Tax Laws Video Lecture | Income Tax Laws - B Com
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FAQs on Profits and Gains to Business or Profession - Head of Income, Income Tax Laws Video Lecture - Income Tax Laws - B Com
| 1. What is the meaning of "Profits and Gains to Business or Profession" under the income tax laws? |  |
Ans. "Profits and Gains to Business or Profession" refers to the income earned by individuals or entities engaged in any trade, business, or profession. It includes the profits and gains derived from the regular activities of running a business or practicing a profession.
| 2. How are profits and gains from business or profession taxed under income tax laws? | |
Ans. Profits and gains from business or profession are taxed under the head "Income from Business or Profession" as per the income tax laws. The income is computed by deducting the expenses incurred in the course of the business or profession from the gross receipts. The resulting net income is then subject to tax at the applicable rates.
| 3. What types of expenses can be deducted while computing profits and gains from business or profession? | |
Ans. While computing profits and gains from business or profession, various types of expenses can be deducted, including:
- Cost of goods sold or raw materials
- Rent or lease payments for business premises
- Salaries and wages paid to employees
- Depreciation on assets used in the business
- Advertising and marketing expenses
- Legal and professional fees
- Interest on loans taken for business purposes
| 4. Are there any specific deductions or incentives available for profits and gains from business or profession? | |
Ans. Yes, the income tax laws provide certain deductions and incentives for profits and gains from business or profession. Some common deductions include:
- Deduction for expenses related to research and development
- Deduction for expenses incurred in the promotion of export business
- Deduction for contributions made to recognized charitable institutions
- Deduction for expenses on scientific research
- Deduction for expenses on skill development for employees
These deductions help in reducing the taxable income and can result in lower tax liability.
| 5. How can individuals or entities ensure compliance with income tax laws for profits and gains from business or profession? | |
Ans. To ensure compliance with income tax laws for profits and gains from business or profession, individuals or entities should:
- Maintain proper books of accounts and records of all financial transactions
- File income tax returns on time, declaring the income from business or profession
- Keep track of all eligible expenses and deductions and maintain supporting documents
- Pay any applicable advance tax or self-assessment tax to avoid penalties or interest
- Seek professional advice, if needed, to understand and comply with the relevant tax laws and regulations.
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Nov 15, 2024 Last updated |
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