What are the types of Incomes chargeable under Business & Profession?

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• What is meant by income from Business & Profession?

  Business includes any trade, commerce and manufacturing of goods with a purpose of making profit within the permissible laws. Profession includes services provided by the professionally qualified or technically qualified person according to their ...

• What expenses are deductible for tax against income under Business & Profession?

  All the expenses relating to business and profession are allowed deduction against income. Following are few examples of expenditures which are allowed: Expenditure incurred during the previous year wholly and exclusively for the purpose of the ...

• What books of account must be maintained by a person carrying out a business/profession under the I-T Act

  No particular books of account  have been prescribed by the I-T Department for a person engaged in business or in non-specified profession. However, if certain conditions are satisfied, then such a person is expected to keep and maintain books of ...

• What are the different types of income that qualify as Salary under the Income Tax Act?

  As a salaried person, you may be getting income in many forms. For the purpose of tax, the incomes that qualify as Salary are listed below: Salary: This is generally a monthly remuneration extended by the employer to the employee in exchange for the ...

• I have a loss under the head of 'Income from business and profession'. Can I set it off against income from salaries?

  No. It cannot be set off against income from salaries.