Professional Documents
Culture Documents
Business Income
Business Income
AND PROFESSION
IMPORTANT POINTS
• Any expenditure incurred in the normal course of business in the best interest of
his business and incidental to his business
• No contingent expenditure
FORMAT
Net profit as per Statement of profit / Loss Xxxx
XXX
Less: Incomes credited but not taxable under this head xxx XXXX
/ exempt
• Private expenses
• Capital expenditure
• Charity and presents
• Provision or reserves
• Past losses
• Expenses for Illegal activities
• Provision for tax or bad debts
• Excess depreciation
DISALLOWED – UNDER CIRCUMSTANCES