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
|
27 videos|25 docs|12 tests
|
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.
Related Exams
About this Video
|
1.8K Views |
|
4.81/5 Rating |
|
Nov 22, 2024 Last updated |
Video Description: Profits and Gains to Business or Profession - Head of Income, Income Tax Laws for B Com 2024 is part of Income Tax Laws preparation.
The notes and questions for Profits and Gains to Business or Profession - Head of Income, Income Tax Laws have been prepared according to the B Com exam syllabus.
Information about Profits and Gains to Business or Profession - Head of Income, Income Tax Laws covers all important topics for B Com 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Profits and Gains to Business or Profession - Head of Income, Income Tax Laws.
Introduction of Profits and Gains to Business or Profession - Head of Income, Income Tax Laws in English is available as part of our Income Tax Laws for B Com & Profits and Gains to Business or Profession - Head of Income, Income Tax Laws in
Hindi for Income Tax Laws course. Download more important topics related with notes, lectures and mock test series for
B Com Exam by signing up for free.
Description
Video Lecture & Questions for Profits and Gains to Business or Profession - Head of Income, Income Tax Laws Video Lecture | Income Tax Laws - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Income Tax Laws.
Information about Profits and Gains to Business or Profession - Head of Income, Income Tax Laws
Here you can find the meaning of Profits and Gains to Business or Profession - Head of Income, Income Tax Laws defined & explained in the simplest way possible.
Besides explaining types of Profits and Gains to Business or Profession - Head of Income, Income Tax Laws theory, EduRev gives you an ample number of questions to practice Profits and Gains to Business or Profession - Head of Income, Income Tax Laws tests,
examples and also practice B Com tests.
|
27 videos|25 docs|12 tests
|
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Extra Questions
,Income Tax Laws Video Lecture | Income Tax Laws - B Com
,Semester Notes
,Profits and Gains to Business or Profession - Head of Income
,Free
,MCQs
,Profits and Gains to Business or Profession - Head of Income
,study material
,Profits and Gains to Business or Profession - Head of Income
,Previous Year Questions with Solutions
,practice quizzes
,Sample Paper
,past year papers
,video lectures
,ppt
,shortcuts and tricks
,mock tests for examination
,Income Tax Laws Video Lecture | Income Tax Laws - B Com
,Viva Questions
,Summary
,Objective type Questions
,Income Tax Laws Video Lecture | Income Tax Laws - B Com
,Important questions
,Exam
;
Study Profits and Gains to Business or Profession - Head of Income, Income Tax Laws on the App
Students of B Com can study Profits and Gains to Business or Profession - Head of Income, Income Tax Laws alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Profits and Gains to Business or Profession - Head of Income, Income Tax Laws,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Profits and Gains to Business or Profession - Head of Income, Income Tax Laws is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup