Computation of business income?

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student
52 Points Posted on 05 December 2011

Hello bro,

 I'm not able to understand the concept of business income. Please provide the details regarding how to compute it.How to identify the item which is to be + and -...

Please say what and all the items should i take from the P/L account i,e (from question)..

Since income tax is new area I need your help..

Please help

A big thanks to you all..

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On 05 December 2011 at 00:06 Report
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Manager (Advance)
906 Points Posted on 05 December 2011
Expenses which are not allowed as deduction but are deducted from total income has to be added back e.g. personal expenses. Expenses which are allowed but not deducted has to be deducted e.g. 100% depreciation no Scientific Research asset. Similar, logic applies for income.
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On 05 December 2011 at 00:24
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Carpe Diem !!!
6535 Points Posted on 05 December 2011
and once you are done with the procedures as said by Mr. Abhishek, you will get Taxable Income.
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On 05 December 2011 at 11:29
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TAX CONSULTANT
21 Points Posted on 22 March 2012

SIR I HAVE A CONFIUSION OF REMUNERATION CALCULATION

BOOK PROFIT 212680

AND INTEREST ON CAPITAL 10% 64493 AND PATNER IS 2 50 -50%

SO PLEASE GIVE A SALUTION OF REMUNERATION

AS PER RECOKNOR IS 90% REMUNERATION

REGARD

SHAIKH JAVED

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On 22 March 2012 at 18:06

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