If I don’t opt for presumptive taxation scheme, how do I compute my taxable business income?

If I don’t opt for presumptive taxation scheme, how do I compute my taxable business income?

For the purpose of computing taxable business income in the above manner, the you have to maintain books of account of the business, and income will be computed by deducting expenses from receipts as follows:

Particulars

Amount

Turnover or gross receipts from the business

XXXXX

Less: Expenses incurred in relation to earning of the income

(XXXX)

Taxable Business Income

XXXXX

In case, you are claiming any deductions from the business income, the same needs to be deducted from the business income before arriving at taxable business income.