income from pgbp 3 m.pptx

INCOME FROM PROFITS
& GAINS OF BUSINESS
OR PROFESSION
~ PRESENTED BY:
~CA.GEETI GROVER ARORA
~FCA.,B.COM, DISA,PGDBA(FINANCE)
~9888337431
30-08-2022
CA GEETI GROVER { FCA,BCOM,DISA,PGDBA (FINANCE) } 1

Income from ‘Profits and Gains of Business or Profession
Sections 28 to 44D
 Basis of Charge
 Important rules regarding assessment of PGBP
 Computation of Profits of Business or profession
 Deductions expressly allowed
 Expenses expressly disallowed
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The term ‘Business’ & ‘Profession’
 Business is an activity of purchase and sale of goods with the intention
of making profit.
 Profession is an occupation requiring intellectual skill. E.g. Doctor,
Lawyer, CA etc. Vocation is an activity, which requires a special skill,
which is used to earn income. E.g. Painter, Singer etc. For income tax
purpose there is no difference between business income, profession
income and vocation income.
Section 2 (13): Business
 Business includes any trade, commerce or manufacture or any
adventure or concern in the nature of trade, commerce or
manufacture.
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To judge a transaction as business transaction, following points should be
considered –
 1. Nature of commodity
 2. Nature of transaction (Whether incidental to a business or not)
 3. Intention of the related party
 4. Duration of transaction
 5. Effort applied in transaction.
Sec. 2(36) Profession: Profession means the activities for earning livelihood
which require intellectual skill or manual skill, e.g. the work of a lawyer,
doctor, auditor, engineer and so on are in the nature of profession. Profession
includes vocation. Vocation : Vocation implies natural ability of a person to do
some particular work e.g. singing, dancing, etc. Here, no training or no
qualification is required but having natural ability. Profits : Excess income
over expenditure. Gains : Any incidental revenue from business.
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Explanation: ‐
Thus business is any activity carried out with the intention to earn profit,
whether such an activity is continuous or temporary is immaterial. In
determining whether a particular transaction is an adventure in the nature of
trade or not, total impression and effect of all relevant facts and
circumstances of the transaction have to be seen. To bring a transaction
within the term “business”, the transaction must be a “trade” or in the
nature of “trade”.
Hence everything depends upon the facts and circumstances of the case. E.g.
A person making investment of surplus funds in shares or debentures cannot
be deemed to be carrying on the business of trading in shares although
occasionally he may be selling “some” shares or debentures and making gains
thereon.
In the case of Chennai Properties & Investment Ltd., it was laid out that the
rental income from the properties of a company whose main object is of
letting out properties, shall be taxable under comes under income from PGBP
(Profit & Gains from business & profession) and not income from HP (House
Property).
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METHOD OF COMPUTING TAXABLE INCOME
 1. Gross Sales or Gross fees as the case may be, are to be taken as the base,
if Receipt and Payment A/c or cash Book is given.
From this Gross income, expenses which are specifically allowed by the
income tax act are deducted to arrive at taxable income.
 2. If profit & loss a/c or income & expenditure a/c is given Net Profit or
(Surplus) is taken as the base and then following adjustments are made: ‐
1) Expenses, which are debited to profit & loss a/c but disallowed by the
Income Tax Act and either fully or partially are added back.
2) Expenses, which are not debited, to profit & loss a/c but which are allowed
by the Income Tax Act are deducted.
3) Income that is credited to profit & loss a/c but not taxable at all or taxable
under some different head is to be deducted.
4) Income that is not credited to profit & loss a/c, but which is chargeable to
tax as business income is to be added.
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BASIS OF CHARGE – Sec.28
The following incomes are chargeable to income tax under the head ‘PGBP’:
 Revenue Profits from Business or Profession : The profits and gains of any
business or profession which was carried on by the assessee at any time during the
previous year.
 Any Compensation due to or received by an agent : Any compensation or other
payment due to or received by an agent, managing the whole or substantially the
whole of the affairs of any person, at the termination his management.
 Income of trade association : Income derived by a trade, professional or similar
association from specific services performed for its members.
 Remuneration to partner from the firm
 Interest on securities
 Income from speculative transaction: Sec. 43(5) Speculative Transaction : Speculative
transaction means a transaction in which a contract for the purchase or sale of any
commodity, including stocks and shares, is periodically or ultimately settled otherwise than
by the actual delivery or transfer of the commodity or scrip.
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 Amount received or receivable for certain agreement : a) Not carrying out
any activity in relation to any business or b) Not sharing any know-how,
patent, copyright, trade mark, license, franchise or any other business or
commercial right of similar nature or information or technique.
 Keyman Insurance Policy : Any sum received under a keyman insurance policy
including the sum allocated by way of bonus on such policy.
 Receipts in connection with foreign trade : a) Profit on sale of import license.
b) Duty Draw back / Duty remission (decrease) scheme / Duty free
replenishment (refill) certificate. c) Cash Assistance. d) Profit on sale of Duty
Entitlement Passbook. e) Repayment of any customs or excise duty to any
person against exports.

Computation of Income from
Business or Profession
According to Section 29, the profits and gains of any
business or profession are to be computed in accordance
with the provisions contained in Section 30 to 43D.
Admissible
Deduction
(Sec. 30 to
37)
Inadmissible
Deduction
(Sec. 40)
Expenses or
payments
not deduct
in certain
circumstanc
es (Sec. 40A)
Profit
Chargeable
to Tax (Sec.
41)
Other
Provisions
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Rules for adjustment of Profit and
Loss Account prepared by the
Assessee
The profit and Loss Account prepared by the assessee is not correct from the
income tax point –
 a) Several expenses are charged to it which are wholly or partly inadmissible.
 b) Some admissible expenses are omitted.
 c) Some taxable income are not credit
 d) Some such incomes are credited which are either not taxable under the
head PGBP or are not taxable at all .
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Proforma for computation of Income under the head PGBP
PARTICULARS Rs Rs
Profit as per P & L A/c XXX
ADD i) Expenses or losses disallowed but charged in P & L A/c XX
ii) Incomes taxable as business income but not credited to
the P & L A/c
XX
iii) Expenses in excess of the allowed amount charged to P
& L A/c
XX
iv) Under valuation of closing stock or over valuation of
opening stock
XX XXX
DEDUCT i) Expenses or losses allowed but not debited to P & L A/c XX
ii) Incomes not taxable as business income but credited to
the P & L A/c
XX
ii) Income exempt from tax but credited in P & L A/c XX
iii) Over valuation of closing stock and under valuation of
opening stock
XX XXX
Taxable income from Business XXX
30-08-2022
CA GEETI GROVER { FCA,BCOM,DISA,PGDBA (FINANCE) }
11

Deductions Expressly Allowed
(Sec. 30 to 37)
 Sec. 30 : Expenses in respect of business premises :
 Revenue expenses for use of premises for business or profession is allowed.
a) Premises are occupied as tenant : Rent, Repair, Insurance and Tax.
b) Premises are occupied as owner : Repair, Insurance and Tax.
NOTE : If the business premise belongs to the assessee no deduction in respect
of rent will be allowed.
If the assessee is a partnership firm and the business premises belongs to a
partner of the firm, the rent payable to the partner will be an allowable
deduction.
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Sec. 31 : Revenue Expenditure on
Plant and Machinery / Furniture and
Fixture :
 Revenue expenditure incurred on current repairs and insurance premium
incurred on plant and machinery / furniture and fixture is allowed. [Rent and
taxes are allowed u/s 37]
 NOTE : Capital expenditure shall not be included in repairs.
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Sec. 32 : Depreciation :
Difference between Depreciation under Accounting Rules and Taxation Rules
Accounting System Taxation System
Charges against profit. . Allowances in nature
WDV / SLM method is allowed. Only WDV method is allowed.
(Electricity Generation Unit can
adopt SLM Method)
Depreciation is charged on Individual Asset Depreciation is charged on Block of
asset.
On the basis of number of days asset USED 50% of normal Depreciation (If asset
is used below 180 days) or Normal
Depreciation.
Only on Tangible Asset. Tangible and Intangible asset
Life of the asset. Prescribed rate.
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Category of Asset : Five
categories of asset.
 I. Building -Residential Purpose (5%)
Business Purpose (10%)
Installing Plant and Machinery / Temporary Building (40%)
 II. Furniture and Fittings. – 10%
 III. Machinery and Plant - General (15%)
Motor Car used on hire (15%)
Motor Car used for own business (30% )
Remaining Assets (40%) [Books, Computers /etc]
 IV. Ships – 20%
 V. Intangible Asset (Know-how, Patents, Copyrights, Trademarks, Licenses,
Franchises or Commercial rights).- 25%
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Format for computation of
Depreciation :
Opening WDV of block XXX
ADD Actual Cost of asset acquired during P.Y XX
LESS Money payable in respect of asset sold / discarded
/ damaged, etc
XX
WDV for Depreciation XXX
LESS Depreciation at prescribed rate XX
Closing WDV XXX
50% of normal Depreciation : If any asset is acquired and put to use not to excess of 180 days
during same previous year then assessee can get the benefit of depreciation only 50% of
normal depreciation. 30-08-2022

ADDITIONAL DEPRECIATION
 Additional depreciation is allowed on any new plant and machinery (other
than ships and aircraft) acquired or installed after 31.3.2005 engaged in
business of manufacture or production of any article or business of power 20%
of actual cost .
 additional dep @10% ( 50% of 20 % ) , if asset put to use for less than 180
days.
30-08-2022

ILLUSTRATION: MR X a proprietor
engaged in manufacturing business
 Opening balance of plant and machinery as on 1.04.2021 is Rs 30,00,000.
 New plant and machinery purchased and put to use on 08.06.2021 Rs
20,00,000
 New p /m acquired and put to use on 15.12.2021 Rs 800000
 Computer acquired on 02.01.2022
30-08-2022

PARTICULARS P/M COMPUTER
NORMAL DEPRECIATION
15% ON 50,00,000 ( 30,00,000+20,00,000) 750000
7.5% on 800000 ( 50% of 15% as asset put to use for less
than 180 days
60000
20% on 300000 ( 50% of 40% since put to use for less
than 180 days )
60000
ADDITIONAL DEPRECIATION
20% on 2000000 ( new plant and machinery put to use
for more than 180 days)
400000
10% on 800000 (50% of 20% since put to use for less than
180 days )
80000
TOTAL DEPRECIATION 12900000 60000
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Sec. 33AB : Tea, Coffee and Rubber
Development Account
 a) The assessee should deposit in special account with the National Bank for
Agricultural and rural Development.
 b) The deposit should be made within a period of six months from the end of
the PY or before furnishing the return of his income, whichever is earlier.
 c) Limit : Sum equal to deposited or 40% of profits of such business (before
making deduction under this section and before setting off brought forward
business losses), whichever is less.
 d) Utilization of funds : Must be used in the same previous year in which it is
withdrawn.
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Illustration:
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Solution:
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Calculation of Deduction:
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Sec 33ABA : Site Restoration Fund
 Deduction will be allowed in respect of prospecting, extraction or production
of petroleum or natural gas in India. It is necessary that, agreement with
central government.
 a) The assessee should deposit in special account with the State Bank of India.
 b) The deposit should be made within a period of six months from the end of
the PY or before furnishing the return of his income, whichever is earlier.
 c) Limit : Sum equal to deposited or 20% of profits of such business (before
making deduction under this section and before setting off brought forward
business losses), whichever is less.
30-08-2022

Section 35 : Expenditure on Scientific
Research
 a) Scientific Research : It means activities for the extension of knowledge in
the fields of natural or applied science including agriculture, animal
husbandry or fisheries.
 b) Scientific Research Expenditure : It means expenditure incurred on
scientific research would include all expenditure incurred for the prosecution
or the provision of facilities for the prosecution of scientific research but does
not include any expenditure incurred in the acquisition of right in or arising
out of scientific research.
 In-house Research : A deduction of an amount equal to 150% of expenditure
(excluding land or building) shall be allowed.
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SCIENTIFIC
RESEARCH
SELF
Incurred before
commencement of
business
Incurred regularly with
business
OUTSIDE
AGENCY
Within 3 years immediately
preceding the
commencement of
Business
Revenue
Exp.
Capital Exp.
(Except Land)
100%
100%
Social or
Statistical
Research
100%.
Scientific
Research
150%.
Research Association
/ National Laboratory
/ University
/College/ IIT.
Revenue Exp.
100%
Indian
Company
Capital Exp.
(Except Land)
100%
100%
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 CONTRIBUTION BY AN ASSESSEE TO OTHER OUTSIDE ITS BUSINESS; Provisions
of Section 35(1)(ii)/(iii) allows deduction of Scientific Expenditure, where an
assessee does not carry Scientific Expenditure of its own but makes
contribution to below mentioned Universities, IITs and organisations. The
government has reduced amount of deduction allowed from AY 2021-22;

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3. Scientific Research may or may not related to the business of the taxpayer;
4. The Approved Scientific Research Company must have Scientific Research as its
main object
5. Approved Scientific Research Company must have approval from prescribed
authority;
6. The Approved Scientific Research Company fulfils such other rules and
regulations as may be prescribed.

Amendment to sub-section (1A) of section 35
of Income Tax Act, 1961
 Sub-section (1A) to section 35 of the Act was inserted by the Taxation and Other
Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 with effect from
the 1st April, 2021. It mandated the research association, university, college or
other institution referred to in clause (ii) or clause (iii) or the company referred to
in clause (iia) of sub-section (1) of section 35 of the Act to file the statement of
donations received by these entities from the donors.
 The present language reads that no deduction shall be allowed to the research
association, university, college or other institution referred to in clause (ii) or
clause (iii) or the company referred to in clause (iia) of sub-section (1) of section
35, if such statement of donations is not filed. However, that was not the intention
of the law. The deduction claimed by the donor needs to be dis-allowed in such
cases. In section 80G of the Act similar provisions were introduced by the Taxation
and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 with
effect from the 1st April, 2021, whereby the deduction claimed by the donor
under this section was disallowed in case the donee fails to furnish the statement
of donations.
30-08-2022

Amendment to sub-section (1A) of
section 35 of Income Tax Act, 1961
 Hence, it is proposed to amend sub-section (1A) of section 35 of the Act to
provide that the deduction claimed by the donor with respect to the donation
given to any research association, university, college or other institution
referred to in clause (ii) or clause (iii) or the company referred to in clause
(iia) of sub-section (1) of section 35 of the Act shall be disallowed unless such
research association, university, college or other institution or company files
the statement of donations. (iii) This amendment will take effect
retrospectively from 1st April, 2021.
30-08-2022

Sec. 35 AD : Expenditure on Specified
Businesses :
 For Specified Businesses, Section 35AD provides an investment-linked tax
credit. One such specific enterprise is the construction and operation of a
cross-country natural gas, cured, or petroleum oil pipeline network for
distribution, with storage facilities as a benign component of the network.
 100% expenditure of capital nature is allowed [Excluding land, goodwill,
financial instrument] - Deduction is allowed in the year in which business is
commenced –
 a) Expenditure incurred prior to commencement of its operations.
 b) The amount is capitalised in the books of accounts on the date of
commencement of its operations.
 - Payment of Rs. 10,000 in a day should not be made in cash.
30-08-2022

Specified Businesses:
 1. setting up and operating a cold chain facility;
 2. setting up and operating a warehousing facility for storage of agricultural produce;
 3. laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution,
including storage facilities being an integral part of such network;
 4. the business of building and operating anywhere in India, a hotel of two-star or above category, as classified by the
Central Government;
 5. building and operating, anywhere in India, a hospital with at least 100 beds for patients;
 6. developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the
Central Government or a State Government, as the case may be, and notified by the Board in this behalf in
accordance with the guidelines as may be prescribed;
 7. developing and building a housing project under a scheme for affordable housing framed by the Central
Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with
the guidelines as may be prescribed;
 8. production of fertiliser in India;
 9. setting up and operating an Inland Container Depot or Container Freight Station notified and approved under the
Customs Act, 1962;
 10. bee-keeping and production of honey and beeswax; and
 11. setting up and operating a warehousing facility for storage of sugar.
 12. laying and operating a slurry pipeline for the transportation of iron ore;
 13. setting up and operating a semiconductor wafer fabrication manufacturing unit, if such unit is notified by the
Board in accordance with the prescribed guidelines;
 14. developing or maintaining and operating or developing maintaining and operating a new infrastructure facility
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Illustration:
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Solution:
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Computation of Income of specified business:
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30-08-2022

Sec. 35D : Amortization (paying off) of
Preliminary Expenses :
 Preliminary expenses includes –
 1. Preparation of feasibility report,
 2. Preparation of project report
 3. Conducting market survey.
 4. Legal charges for drafting any agreement.
 5. Printing charges for the Memorandum and Articles of As
 Deduction : Deduction is allowed is 1/5 of such expenditure for each of the
five successive previous year beginning with the previous year in which the
business is commences.
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Maximum Limit:
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Illustration:
 ABC ltd. incurred Rs. 7000 as pre-incorporation expenses and it’s paid up
capital is Rs. 1,00,000 . And it’s actual cost of a fixed assets lying in the
balance sheet as on last day of previous year in which business commence is
Rs. 150000.
 Maximum deduction allowed as per section 35D:
 Lower of the:
 a) 7000 or
 b) (5% * 150000= 7500) or (5%*100000= 5000)
 Whichever is more for condition b) and i.e. Rs. 7500
 Hence, maximum amount that can be claimed on account of preliminary
expenses is rupees 7000 only.
30-08-2022

Sec. 36 : Other deduction :
 1. Insurance premium paid for stock which is used for purpose of business /
profession.
 2. Insurance premium for cattle, Paid by federal milk co-operative society.
 3. Insurance premium paid (any mode other than cash) for the health of
employees.
 4. Bonus or commission to employee. (On actual payment basis)
 5. Interest paid on borrowed capital for purpose of business / profession (On
actual payment basis). No deduction of ‘interest paid’ for acquisition of asset from
the date of borrowing till the date of ‘put to use’. (It would be added to cost of
asset).
 6. Discount on Zero Coupon Bond allowed as deduction on pro-rata basis.
 7. Bad debts – The debt should be incidental to the business.
 8. Loss regarding animals (Not for stock in trade) – allowed as deduction.
30-08-2022

Sec. 37 : General Deduction (Residuary
section) :
 Conditions should be fulfilled –
 a) Expenses not covered under section 30 to 36.
 b) Revenue nature expenditure.
 c) Not of capital nature
 d) Not of personal nature
 e) Expenses incurred for running of business / profession.
 f) Expenditure shall be made during the previous year.
 Explanation 1 : Expenditure incurred on protection money, hafta, bribes, etc.
will not be allowed.
 Explanation 2 : Expenditure incurred on CSR activities will not be allowed.
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Sec. 40(a) : Expenses not allowed in any
circumstances :
 1. Expenditure on advertisement in any souvenir, etc. published by a political
party.
 2. Payments outside India, in India to a non resident or a foreign company on
which TDS is not deducted and has not paid on or before the due date
specified.
 3. Payment to residents – on which TDS has not been deducted or before the
due date of filing the return of income – 30% of such sum shall not allowed as
deduction.
 4. Wealth tax : Wealth tax chargeable under the Wealth Tax Act shall not be
allowed as deduction.
 5. Tax on Profits and Gains : Any sum paid on account of any tax levied on the
profits and gains of any business or profession shall not be allowed as a
deduction.
30-08-2022

Sec. 40A : Expenses not deductible in
certain circumstances :
 1. Excessive payment to relatives.
 2. Payment in Cash : Payment made to a person in a day is made exceeding
Rs. 10,000 other than account payee cheque, bank draft or use of electric
clearing system, it will be disallowed. Entire amount will be disallowed.
 Exception : Where payment is made for plying, hiring or leasing goods
carriages, the limit of disallowance shall be exceeding Rs. 35,000.
30-08-2022

Sec. 43B : Deductions allowable only on
actual payment :
 1. Any sum payable by the assessee by way of tax, duty, cess or fee.
 2. Any sum payable by him as an employer by way of contribution to any
provident fund, superannuation fund or gratuity fund or any other fund for
the welfare of employees.
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Certain Allowable Losses
 1) Robbery or Dacoity : Loss caused by robbery or dacoity is not deductible
But, if it is incidental to business it will be allowed as a deduction and this
depends upon the specific circumstances and conditions. For example, if
cash is sent for disbursement at different centers by a sugar factory in rural
area, it is incidental to business and is, therefore, allowed.
 2) Embezzlement (Misappropriation), Theft, etc. :The loss of money due to
embezzlement by an employee handling the funds of the business while
discharging his official duties is allowed as deduction. When an employee goes
to bank to deposit the cash and he takes away the money for his own use,
even then, the loss is allowable.
 3) Loss due to Non-recovery of Advances
 4) Penalty paid for infraction of law is not allowed.
30-08-2022

Mr. Amitabh prepared the following profit and loss account of his
cloth shop for the year ended 31st March, 2019. Find out his
income from business for the AY 2019-20..
PROFIT AND LOSS ACCOUNT
PARTICULARS RS PARTICULARS RS
Salaries and wages 33000 gross profit 334725
Rent 1600 gift for relative 275
House hold expenses 82000
Income tax 900
Advertisement 800
Postage expenses 600
Gift to relative 900
Gift to relative 900
Fire insurance
premium
400
Life insurance
premium
2100
Net proft 212700
total 335000 335000
30-08-2022

solution:
PARTICULARS Rs Rs
Profit as per P & L A/c 212700
ADD Household expenses 82000
Income Tax 900
Gifts to relatives 900
Life Insurance Premium 2100
LESS Gift from relatives 275
TAXABLE INCOME FROM BUSINESS 297425
30-08-2022

Presumptive Taxation ( 44AD) in case of
business
 Any business which has a turnover of less than Rs 2 crore can opt to be
taxed presumptively. They must declare profits of 8% for non-digital
transactions or 6% for digital transactions, whichever one is applicable. The
following businesses are excluded from presumptive taxation:
 a. Life insurance agents.
 b. Commission of any kind.
 c. Running the business of plying, hiring or leasing goods carriages.
 If you have opted for the presumptive scheme of tax, you may not be
liable to pay advance tax every quarter but you must ensure you are paying
all your advance taxes on or before 15 March of the concerned financial year
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Example:
Lalit Traders have gross receipts of Rs 1.5 Crore for FY 2017-18 and do
not maintain books of accounts. Lalit traders have opted for presumptive
taxation. During the year Lalit Traders received Rs. 70 Lakhs through non-
digital transactions (cash payments) and Rs. 80 Lakhs through digital
transactions.
What will be the income under the head business and profession?
 Solution:
 Income under the business and profession:
For non-digital transactions : 70,00,000 * 8% = Rs. 5,60,000
For digital transactions : 80,00,000 * 6% = Rs. 4,80,000
Income under the head “Business or Profession” will be = Rs 10,40,000
30-08-2022

Presumptive Taxation in case of
profession
 A professional having a gross revenue upto Rs 50 lakhs
can opt for the presumptive scheme of tax wherein he can
straightaway offer 50% of the gross revenue as his
taxable income and pay taxes as per his slab rates on such
income. Once he opts for this scheme, he cannot claim any
of the profession related expenses as a deduction again.
Further, anyone opting for this scheme is not bound by the
mandate of maintaining books of accounts too. While he is
also liable to file his return by 31 July of the assessment
year, he must file his return in ITR 4.
30-08-2022

SEC – 44AE
 Section 44AE is applicable to individuals or entities engaged in the business of
plying, hiring or leasing of goods carriages. These entities – individual, Hindu
United Families, firms or companies – should own not more than 10 goods
carriage vehicles at any time in a given financial year, to be eligible for
presumptive taxation.
 Those opting for presumptive taxation scheme under Section 44AE can
estimate their income at Rs. 7,500 per month per vehicle owned, irrespective of
whether it is a light goods vehicle or a heavy goods vehicle.
 For example, if Bharat bhai owns 7 goods carriage vehicles, then his income
presumed at Rs. 5,25,000 (Rs. 7,500 x 7) per month and Rs. 63 lakh annually. If
actual income is higher than Rs. 7,500, it can be specified in the Income Tax
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When will a businessman or a
professional be subject to tax audit?
 in the case of a businessman, if his total turnover from business exceeds Rs 1
crore, he is liable to an audit under the Income-tax Act under Section 44AB. In
case he is a professional, if his gross receipts exceed Rs 25 lakhs, he is liable
for a tax audit.
 AMENDMENT IN SEC 44AB :
In case of person whose
1) Aggregate of all amount received included sales , turnover during previous year
in cash does not exceed 5% of said amount and
2)Aggregate of all payment made including amount incurred for exp in cash during
previous year does not exceed 5% of said amount.
This clause shall have effect , if for word one crore, 10 crore substituted
30-08-2022

AMENDMENTS MAY -22
 Earlier GOODWILL is included in block of asset , but from budget 2022
goodwill related to business and profession is not a depreciable asset . It is
not included in block of asset.
30-08-2022

income from pgbp 3 m.pptx

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