Profits and Gains from business and profession

Tax queries 790 views 1 replies

Please guide me.

How can i bifurcate the 

-deductions applicable to a specified assessee, and 

-deductions applicable to a specified business 

in Profits and Gains from business and profession chapter of the Income tax.

regards

Replies (1)

genrally in IBP deductions are available to all the assesees except few exceptions like deduction for expenditure for family planning allowed to only companies , contribution to political magzines only to individuals , deductions specific to offshore banking units threre are still 2 or 3 i guess thats it

 

but deductions according to specified business can be found only in 35AD, or in expenditure towards sceintific expenditure , retail business 44AD, plying cars vehicles 44AF thats it

it is under section 80IA,IB,IC,ID,IE where u can make a chart section wise to mark eligible assesee eligible business .

 it iwll be easy this way


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