What is meant by income from Business & Profession?

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• 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 types of Incomes chargeable under Business & Profession?

  The following are few examples of incomes which are chargeable under this head:- Profits or gains of a business; Any compensation or such payment due/received by any person in connection with modification/termination of his management; etc. Income ...

• 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.

• What is the difference between the Gross Total Income and Total Income?

  Gross Total Income (GTI) is the sum of all the incomes received by the taxpayer from various sources. Certain deductions stated under section 80C-80U are allowed by the I-T Act to reduce the taxpayer's taxable income. After deductions, the Total ...