The document discusses income from business and profession under the Income Tax Ordinance of Bangladesh. It defines business and profession and outlines the scope of income that falls under this head. It describes various types of deemed income from business or profession. It then explains the allowable deductions to determine the taxable income from business or profession, as well as deductions that are not permitted. The document provides a breakdown of how to calculate taxable income from business or profession.
- Income from other sources is a residual head of income that covers any income that does not fall under the other four heads of income (salary, house property, business/profession, capital gains).
- Some examples included under this head are dividend income, interest income, rental income from machinery/furniture, winnings from lotteries, gifts received without consideration.
- Standard deductions are available for repairs, insurance, depreciation of assets let out on rent. Interest received on securities and specific exempt categories are not taxed under this head.
Profit & Gains from Business or Profession.RAJESH JAIN
This document provides an overview of income from business and profession under the Indian Income Tax Act. It defines business and profession, outlines the key points and basis of charge for income from business/profession. It also discusses the computation of income, specific deductions allowed, depreciation rules and amounts that are not deductible. The key information includes definitions of business and profession, income includes profits and losses, relevance of accounting method, and that income from illegal businesses is taxable.
The document discusses various aspects of income from business and profession that are taxable under the Income Tax Act of 1961 in India. It defines business and profession and outlines that income must be from activities carried out during the previous year. It also discusses key deductions that can be claimed like rent, repairs, insurance, depreciation, interest paid, employee bonuses and contributions to provident funds. Specific conditions apply to claiming many of these deductions.
The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
This document discusses various aspects of income under the head "Business and Profession" as defined in the Income Tax Act of 1961 in India. It defines what constitutes a business and profession and outlines the key points regarding income from business and profession being taxable only if carried out in the previous year. It discusses the specific deductions that are allowed under sections 30-37 of the act for various business expenses like rent, repairs, depreciation, insurance premium, salary, bonus, interest paid, contributions to provident funds, gratuity funds, and bad debts. It provides details on the conditions and limits for claiming these deductions.
The document discusses income from other sources under section 39 of the Income Tax Ordinance. It defines income from other sources as income that is not covered under other heads like salary, property, business, or capital gains. It provides examples of types of income covered under this head, including dividends, royalties, profit on debt, and others. It also discusses relevant provisions, deductions allowed, exemptions, unexplained incomes, and case laws related to income from other sources.
Lecture 12 income from business and professionsumit235
This document discusses income that is taxable under the head "profits and gains from business or profession" in India. It notes that income from any trade, commerce, manufacture, adventure, profession requiring specialized skills, or vocation with specialized skills falls under this category. It lists various types of income taxable here, such as profits from business/profession, compensation, benefits from business/profession, export incentives, interest from firms, sums for not sharing intellectual property, life insurance payouts, managing agency profits, and speculative transaction profits. Deductions are allowed for rent, taxes, repairs, and insurance of business premises, as well as current repairs and insurance of machinery, plant and furniture used for business.
COMPARISON OF DTC WITH INCOME TAX ACT FOR BUSINESS INCOME92_neil
The document compares how business income is determined under the Direct Tax Code (DTC) and the Income Tax Act 1961.
Under both laws, income from any business carried out by the assessee during the year is taxable under the head "profits and gains from business". The DTC categorizes business expenses into operating expenses, finance charges, and capital allowances whereas the Income Tax Act covers these under multiple sections.
The DTC also provides separate schedules to compute income from specific businesses like insurance, shipping etc. and allows the government to notify if these schedules will not apply. The Income Tax Act contains similar but more detailed provisions to compute profits from different businesses under distinct heads.
- Income from other sources is a residual head of income that covers any income that does not fall under the other four heads of income (salary, house property, business/profession, capital gains).
- Some examples included under this head are dividend income, interest income, rental income from machinery/furniture, winnings from lotteries, gifts received without consideration.
- Standard deductions are available for repairs, insurance, depreciation of assets let out on rent. Interest received on securities and specific exempt categories are not taxed under this head.
Profit & Gains from Business or Profession.RAJESH JAIN
This document provides an overview of income from business and profession under the Indian Income Tax Act. It defines business and profession, outlines the key points and basis of charge for income from business/profession. It also discusses the computation of income, specific deductions allowed, depreciation rules and amounts that are not deductible. The key information includes definitions of business and profession, income includes profits and losses, relevance of accounting method, and that income from illegal businesses is taxable.
The document discusses various aspects of income from business and profession that are taxable under the Income Tax Act of 1961 in India. It defines business and profession and outlines that income must be from activities carried out during the previous year. It also discusses key deductions that can be claimed like rent, repairs, insurance, depreciation, interest paid, employee bonuses and contributions to provident funds. Specific conditions apply to claiming many of these deductions.
The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
This document discusses various aspects of income under the head "Business and Profession" as defined in the Income Tax Act of 1961 in India. It defines what constitutes a business and profession and outlines the key points regarding income from business and profession being taxable only if carried out in the previous year. It discusses the specific deductions that are allowed under sections 30-37 of the act for various business expenses like rent, repairs, depreciation, insurance premium, salary, bonus, interest paid, contributions to provident funds, gratuity funds, and bad debts. It provides details on the conditions and limits for claiming these deductions.
The document discusses income from other sources under section 39 of the Income Tax Ordinance. It defines income from other sources as income that is not covered under other heads like salary, property, business, or capital gains. It provides examples of types of income covered under this head, including dividends, royalties, profit on debt, and others. It also discusses relevant provisions, deductions allowed, exemptions, unexplained incomes, and case laws related to income from other sources.
Lecture 12 income from business and professionsumit235
This document discusses income that is taxable under the head "profits and gains from business or profession" in India. It notes that income from any trade, commerce, manufacture, adventure, profession requiring specialized skills, or vocation with specialized skills falls under this category. It lists various types of income taxable here, such as profits from business/profession, compensation, benefits from business/profession, export incentives, interest from firms, sums for not sharing intellectual property, life insurance payouts, managing agency profits, and speculative transaction profits. Deductions are allowed for rent, taxes, repairs, and insurance of business premises, as well as current repairs and insurance of machinery, plant and furniture used for business.
COMPARISON OF DTC WITH INCOME TAX ACT FOR BUSINESS INCOME92_neil
The document compares how business income is determined under the Direct Tax Code (DTC) and the Income Tax Act 1961.
Under both laws, income from any business carried out by the assessee during the year is taxable under the head "profits and gains from business". The DTC categorizes business expenses into operating expenses, finance charges, and capital allowances whereas the Income Tax Act covers these under multiple sections.
The DTC also provides separate schedules to compute income from specific businesses like insurance, shipping etc. and allows the government to notify if these schedules will not apply. The Income Tax Act contains similar but more detailed provisions to compute profits from different businesses under distinct heads.
The document discusses various aspects of tax planning and financial management decisions from a tax perspective. It defines tax planning as actions taken by a taxpayer to meet tax obligations in an orderly manner while availing all permissible exemptions. Tax planning is necessary to minimize tax costs in the same way businesses try to reduce other costs. Tax planning considerations include direct and indirect taxes and the key objectives are availing tax concessions while arranging affairs to minimize tax incidence. The document also discusses tax management, capital structure, investment decisions including making or buying parts, and considerations for setting up new industrial units.
The document summarizes the key aspects of income taxable under the head "Income from other sources" in India. It discusses that any income which is not exempt from tax and is not covered under other specific heads like salary, house property, business, capital gains etc. is taxable under this residuary head. It then provides details of specific incomes taxable under this head, including dividend income, income from gambling activities, deemed income, family pension, interest income and others. It also outlines the attributable expenses that can be deducted and disallowed while computing taxable income under this head.
The document discusses various aspects of income tax in India including:
- The five main heads of income according to the Income Tax Act of 1961: salary, house property, business/profession, capital gains, other sources.
- Tax slabs and rates for individual citizens, senior citizens, and super senior citizens.
- Common deductions that can be claimed under income tax like 80C, 80D, 80TTA, standard deduction, interest on housing loan.
- Methods of calculating taxable income by accounting for gross total income and deductions for different income sources.
Covers all updates and latest issues of Income TaxPraveen Kumar
The document summarizes key provisions of the Indian Income Tax Act. It discusses the different heads of income including salary, house property, capital gains, business income, and income from other sources. It also outlines some deductions available such as under sections 80C, 32, and 80IC. The document provides information on compliance requirements, advance tax due dates, and special provisions related to valuation of closing stock, recovery of previously allowed deductions, cash payments, and undertakings located in special category states.
Latest Updates And All Latest Issues Of Income Tax IndiaPraveen Kumar
Income Tax Act classifies income into four main heads: salary, house property, capital gains, and business/profession. Key points include: (1) employees can sometimes claim both HRA and interest on housing loans; (2) losses from rent properties can offset income from other heads; and (3) surplus from derivative contracts is non-speculative capital gains. Certain items like art are now considered capital assets. Various deductions and compliances like TDS, advance tax payments, and annual returns are required under the Income Tax Act.
Section 10 of the Income Tax Act defines various types of income that are exempt from taxation, such as income from agriculture, interest income from public provident funds, long-term capital gains from shares, income of news agencies used for collecting and distributing news, income of professional institutions established for legal and medical fields that is solely used for the institution's objectives, income received by armed forces welfare funds, and income of certain scheduled tribes members residing in specified tribal areas. Exempt income also includes income of mutual funds, investor protection funds, registered trade unions, provident funds, and income of individuals from the state of Sikkim. Taxpayers should disclose any exempt income in their income tax returns.
The document summarizes tax credits and the carry forward and set-off of losses under Pakistan's income tax law. It discusses various tax credits available under sections 61-64 of the law for donations, investments, pension contributions, and profit on debt. It also covers rules for setting off current year losses against other income, carrying losses forward for up to 6 years, exceptions for certain losses, group relief for losses between subsidiaries and parents, and limitations.
The document summarizes India's Payment of Bonus Act 1965. It defines bonus as a cash payment by employers to employees in addition to regular wages from company profits. The Act applies to factories and establishments with 20+ employees. It entitles all employees earning up to Rs. 10,000/month who worked for 30+ days to minimum bonus payment. The document outlines formulas for calculating bonus allocable surplus and details rights and responsibilities of employers and employees.
The Payment of Bonus Act, 1965 applies to factories and establishments with 20 or more employees. It requires the payment of an annual bonus to eligible employees based on profits. Eligible employees earn a minimum bonus of 8.33% of wages up to Rs. 10,000 per month or Rs. 100, whichever is higher. The maximum bonus is 20% of wages. The Act outlines procedures for calculating available surplus, allocable surplus, and set-on and set-off amounts to determine bonus payable each year. Employers must pay bonus within 8 months and maintain records subject to inspection.
The document discusses various aspects of income from business and profession under the Income Tax Act in India. It covers the charging section, meaning of business, income chargeable and not chargeable under this head, computation of business income, deductions allowed, depreciation, treatment of scientific research expenditure and more. Key points include that income from business includes profits from any profession, compensation for know-how, partner's salary, and export incentives. Deductions like rent, repairs, depreciation, and scientific research expenditure are allowed from business income.
The Payment of Bonus Act 1965 applies to factories and other establishments employing 20 or more persons. It requires the payment of an annual bonus to eligible employees based on profits. Key points include: eligibility is for employees earning up to Rs. 10,000 per month who worked for at least 30 days; minimum bonus is 8.33% of wages or Rs. 100; maximum bonus is 20% of wages; payment must be made within 8 months of the financial year end. Employers must calculate and pay bonus correctly while employees have rights to claim unpaid bonus.
Advanced taxation (cfap5) by fawad hassan [lecture4]Fawad Hassan
This document discusses various aspects of determining income from business under the tax law, including:
1. Key definitions like permanent establishment, geographical source of income, and thin capitalization.
2. The treatment of income from a permanent establishment of a non-resident and related expenses.
3. The basis of taxation including the method of accounting, treatment of stock, and accrual vs cash basis.
4. Factors to consider in deciding a business income case such as allowable deductions, treatment of assets, depreciation, and bad debts.
This presentation takes one through the impact of budget 2014 on the direct tax provisions. Efforts have been made to simplify the amendments in the best way
This document outlines various tax deductions available under Section 80 of the Indian Income Tax Act. It lists the codes for different tax deductions (e.g. 80C, 80D, 80DD, etc.) and provides a brief description of eligibility requirements and calculation of deduction amounts for key deductions related to investments, medical expenses, disability, education loans, donations, business profits and income from patents/royalties.
Revenue regulations no. 11 2018,(train law) relative to withholding of incom...Wendell Udarbe
This document amends certain provisions of Revenue Regulations No. 2-98 relating to the withholding of income tax to implement changes introduced by the Tax Reform for Acceleration and Inclusion (TRAIN) Law. It renumbers and amends sections on income payments subject to final withholding tax and income payments subject to creditable withholding tax. The amendments update tax rates and add provisions related to withholding taxes on payments to medical practitioners, commissions to sales representatives, and capital gains from the sale of non-traded stocks.
Project on Profits and Gaind from Business and Prof. (PGBP)Ojas Narsale
The document is a project report submitted by Mr. Ojas Nitin Narsale, an M.Com student at Parle Tilak Vidylaya Association's M.L. Dahanukar College of Commerce, for the academic year 2016-2017. The report discusses various aspects related to computing profits and gains from business or profession under the Indian Income Tax Act, including chargeability, allowable deductions, provisions for non-residents/foreign companies, accounting and audit rules, and depreciation. The report contains sections on introduction, chargeability, deductions allowed under various sections, ineligible expenses, accounting provisions, and case laws related to income from profits and gains of business or profession.
The document discusses various aspects of determining profits and gains from business or profession under the Income Tax Act, including:
1. Items that are charged to tax under this head, such as profits from any business/profession carried out by the assessee.
2. Deductions that are allowed in computing profits, such as rent, rates, taxes, insurance, repairs, depreciation, scientific research expenditures, license fees, and other expenditures.
3. Disallowances under sections 40A and 40B for payments without TDS deduction or exceeding specified limits.
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to computation of 'Profits and gains of business or profession' (PGBP). In this Webinar, we shall look at the charging section for PGBP and provisions relating to computation of PGBP, admissible deductions and allowances including Depreciation.
The document describes the eight steps of the decision-making process: identify the problem, identify decision criteria, weight criteria, develop alternatives, analyze alternatives, select an alternative, implement the alternative, and evaluate the decision. It also discusses different ways managers make decisions, such as rationality, bounded rationality, intuition, and evidence-based management. Finally, it covers classifying decisions, decision-making conditions involving certainty, risk and uncertainty, and how decision-making styles and biases can impact the process.
This document provides an overview of Lecture 3 from the course BUS 251: Business Communication. The key points covered include:
- Constructing clear sentences and paragraphs through adaptation, limiting content, and economizing words.
- Designing sentences that give the right emphasis through structure and use of clauses.
- Ensuring sentence and paragraph unity through logical organization and placement of ideas.
- Using topic sentences and short, unified paragraphs for effective communication.
- Examples are provided to illustrate techniques for sentence and paragraph design.
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- Common deductions that can be claimed under income tax like 80C, 80D, 80TTA, standard deduction, interest on housing loan.
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Income Tax Act classifies income into four main heads: salary, house property, capital gains, and business/profession. Key points include: (1) employees can sometimes claim both HRA and interest on housing loans; (2) losses from rent properties can offset income from other heads; and (3) surplus from derivative contracts is non-speculative capital gains. Certain items like art are now considered capital assets. Various deductions and compliances like TDS, advance tax payments, and annual returns are required under the Income Tax Act.
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The document summarizes tax credits and the carry forward and set-off of losses under Pakistan's income tax law. It discusses various tax credits available under sections 61-64 of the law for donations, investments, pension contributions, and profit on debt. It also covers rules for setting off current year losses against other income, carrying losses forward for up to 6 years, exceptions for certain losses, group relief for losses between subsidiaries and parents, and limitations.
The document summarizes India's Payment of Bonus Act 1965. It defines bonus as a cash payment by employers to employees in addition to regular wages from company profits. The Act applies to factories and establishments with 20+ employees. It entitles all employees earning up to Rs. 10,000/month who worked for 30+ days to minimum bonus payment. The document outlines formulas for calculating bonus allocable surplus and details rights and responsibilities of employers and employees.
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The document discusses various aspects of income from business and profession under the Income Tax Act in India. It covers the charging section, meaning of business, income chargeable and not chargeable under this head, computation of business income, deductions allowed, depreciation, treatment of scientific research expenditure and more. Key points include that income from business includes profits from any profession, compensation for know-how, partner's salary, and export incentives. Deductions like rent, repairs, depreciation, and scientific research expenditure are allowed from business income.
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This document discusses various aspects of determining income from business under the tax law, including:
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2. The treatment of income from a permanent establishment of a non-resident and related expenses.
3. The basis of taxation including the method of accounting, treatment of stock, and accrual vs cash basis.
4. Factors to consider in deciding a business income case such as allowable deductions, treatment of assets, depreciation, and bad debts.
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1. Items that are charged to tax under this head, such as profits from any business/profession carried out by the assessee.
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Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to computation of 'Profits and gains of business or profession' (PGBP). In this Webinar, we shall look at the charging section for PGBP and provisions relating to computation of PGBP, admissible deductions and allowances including Depreciation.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
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1. Income from business & profession
U/S 28,29,30,30A
“Definition of “Business” u/s 2(14)
“Business” includes –
Trade, commerce or manufacture or
Adventure or concern in the nature of trade, commerce or
manufacture
Definition of “Profession” u/s 2(49)
“Profession” includes a vocation.The term vocation refers to any
activity on which a person spends a major part of his time in order
to earn his livlihood.
2. Scope of Income from Business or Profession
Scope of ‘Income from Business or Profession’: u/s 28
•Profit or gains of any business or profession carried on or deemed to be carried
on by the assessee [u/s 28(1)(a)].
•Income derived by any trade or professional association or other association of
like nature on account of specific services performed for its members [u/s
28(1)(b)].
•Value of any benefit or perquisite, whether convertible into money or not, arising
from business or profession [u/s 28(1)(c)].
•Deemed income from business or profession
•Partially ‘income from business or profession’
Partially ‘income from business or profession [u/s 26(3) and Rules 30, 31 and
32]:
(i) 40% of income from sale of tea [under rule 31]
(ii) 40% of income from sale of rubber [under rule 32]
(iii)Tobacco, sugarcane or other agricultural produce used as raw materials in any
industrial production process the income of which is to be computed under the head
‘Income from Business or Profession’ as follows [under rule 30]:
Business income = (Sale value of the concerned agricultural produce recorded in the
accounts of the business) – (Market value of the agricultural produce used as raw
materials).
3. Deemed income in Business or profession
•Deemed income from business or profession u/s 19:
•Subsequent receipt back of any loss, bad debt or expenditure [u/s 19(15)(a) and 28(1)(d)].
•Interest on loan from commercial or specialised banks or share of profit to Islamic bank
unpaid for two years [u/s 19(15)(aa) and 28(1)(d)].
•Benefit received from any trading liability [u/s 19(15)(b) and 28(1)(d)].
•Trading liability unpaid for three years [u/s 19(15)(c) and 28(1)(d)].
•Revenue gain/balancing charge or depreciation recovery from disposal of any building,
machinery or plant used for business or profession [u/s 19(16) and 28(1)(e)];
Maximum amount = Original Cost – Written down value (WDV).
•Insurance, salvage or compensation money received on discarding, demolishing or
destroying any building, machinery or plant used for business or profession [u/s 19(18) and
28(1)(f)];
Maximum amount = (Original Cost – WDV) – Scrap value.
•Sale proceeds of any capital expenditure on scientific research which is allowed as a
deduction u/s 29(1)(xx) [u/s 19(20) and 28(1)(g)].
•Export value of garments exportable against the export quota which has been transferred
[u/s 19(23) and 28(1)(h)]. Under rule 30A, an amount equal to 3% of the export value of the
garments exportable against the export quota transferred by the assessee shall be
deemed to be his income u/ 19(23).
•Profits and gains from any insurance business carried on by a mutual insurance
association the income of which is to be computed under paragraph-8 of Fourth Schedule
[u/s 19(14)].
•Profits and gains from any discontinued business [u/s 19(6), see also sec. 89].
4. Allowable Deductions to Determine Taxable
‘Income from Business or Profession’
•Rent for the premises used for business or profession [u/s 29(1)(i)].
•Repair expense incurred by the assessee: For the hired premises in which
the business or profession is carried on [u/s 29(1)(ii)]. For the buildings,
machinery, plant or furniture used for business or professional purposes
[u/s 29(1)(vi)].
•Interest payment or profit shared with an Islamic bank in respect of capital
borrowed for business or profession [u/s 29(1)(iii)].
•Amount credited to any person’s profit sharing account or deposit with an
Islamic bank by way of distribution of profit by that Islamic bank [u/s
29(1)(iv)]. (Applicable for only islamic shariah based banks.)
•Amount up to 5% of total income carried to any special reserve (the
aggregate amount in which does not exceed the paid up share capital)
created by Government approved financial institutions for any approved
purposes [u/s 29(1)(v)].
5. Allowable Deductions to Determine Taxable
Income from Business or Profession
•Insurance premium on buildings, machinery, plant or furniture, stocks or stores
used for business or professional purposes [u/s 29(1)(vii)].
•Depreciation on the assessee’s building, machinery, plant or furniture used for
business or professional purposes as per Third Schedule [u/s 29(1)(viii)]:
Initial depreciation allowance: From assessment year 2002-03, under paragraph
5A of the Third Schedule, initial depreciation allowance is allowed for the first year
at 10% on the cost of building and 25% on the cost of machinery or plant (other
than ships or motor vehicles not plying for hire or any machinery or plant which has
previously been used in Bangladesh).
Accelerated depreciation allowance: From assessment year 2006-07, under
paragraph 7 of the Third Schedule, 50%, 30% and 20% of cost of machinery is
admissible as accelerated depreciation allowance for first, second and third years
respectively, for new industrial undertakings in cases of prescribed sectors.
Normal depreciation allowance: The normal depreciation allowance under
paragraph 3 of the Third Schedule is allowed at the specified rates on ‘written down
value’ of the concerned asset.
6. Allowable Deductions to Determine Taxable Income
from Business or Profession
•Obsolescence allowance [equal to excess of written down value (WDV) over sale
proceeds or scrap value] :
•Allowance for disabled or dead animals: Write-off allowance [equal to the
difference between the original cost of the animal and the money from sale or
other disposition of the carcass]:
•Land development tax or rent, local rates or municipal taxes for the premises
used for business or professional purposes [u/s 29(1)(xiii)].
•Bonus including festival bonus and commission paid to employee
(Bonus other than festival bonus and commission is reasonable with reference to
general practice of similar business or profession, profit of the organization and
the pay and other conditions of service of the employee) [u/s 29(1)(xiv)].
•Bad debts:Bad debts actually written off in the income year as an established
irrecoverable item [u/s 29(1)(xv)].
•Old bad debts:Bad debts prematurely written off but allowed as a deduction in
subsequent year when established to have been irrecoverable [u/s 29(1)(xvi)].
•Additional bad debt: If DCT satisfies debt become irrecoverable in earlier year
but not proceeding four years
7. Allowable Deductions to Determine Taxable
Income from Business or Profession
•Provision for bad debts :
•Provision for bad and doubtful debts by and interest thereon made by a Commercial
Bank, BSRS,Shilpa bank for 5% and 1% for RAKUB, Karma Shastanbank and Krisi
bank
•Expenditure on Scientific research or for research institute :
•Revenue expenditure on scientific research in Bangladesh related business [u/s
29(1)(xix)].
•Capital expenditure on Scientific research in Bangladesh related to business [u/s
29(1)(xx)].
•Donation to research body: Amount paid to approved Scientific Research
Institute, Association or other body or to approved University, College, Technical
School or other Institute for the purpose of Scientific research or technical training
related to relevant business – class [u/s 29(1)(xxi)].
•Payment to educational institution or Hospital:
Expenditure laid out or expended on any Educational Institution or Hospital
established for the benefit of assessee’s employee’s their families and dependents
or on the training of industrial worker
8. Allowable Deductions to Determine Taxable
Income from Business or Profession
•sDonation to educational institution or Hospital:
Expenditure laid out or expended on any Educational Institution or Hospital
established for the benefit of assessee’s employee’s their families and
dependents or on the training of industrial worker
•Expenditure on training of Bangladeshi citizens in connection with a
scheme approved by NBR [u/s 29(1)(xxiv)].
•Expenditure (not being capital or personal) on visits abroad as a member
of a trade delegation sponsored by the Government [u/s 29(1)(xxv)].
•Annual membership subscription to a registered trade organization or to
a professional institution [u/s 29(1)(xxvi)].
•Other Revenue expenditure:
9. List of Deductions Inadmissible u/s 30
•Payment of salary, if tax thereon has not been deducted at source u/s 50 [vide u/s
30(a)].
•Any payment subject to deduction of income tax or VAT (value added tax), but
these taxes are not deducted at the time of payment [u/s 30(aa)].
•Payment of interest, salary, commission or remuneration made by a firm or an
AOP (association of persons) to its partners or members [u/s 30(b)].
•Payment of brokerage or commission to a non-resident person without deduction
of tax at source u/s 56 [vide u/s 30(c)].
•Payment to employees’ provident fund or other funds unless effective
arrangement has been made for deduction of tax at source while making the
payments from the fund which are taxable under the head “Salaries” [u/s 30(d)].
•Payment of perquisites or other benefits to an employee in excess of Tk. 2,50,000
[u/s 30(e)]. But this provision is not applicable to employer where perquisites or
other benefits were paid to an employee according to Government decision
published in the official Gazette to implement the recommendation of a Wage
Board constituted by the Government [Proviso to sec. 30(e)].
10. List of Deductions Inadmissible u/s 30
Profits, income and gains before
considering entertainment expenditure
Admissible deduction
a) First Tk. 10 lakh 4% of the above profit, income and gains
b) On the balance 2% of the above profit, income and gains
•Entertainment expenditure exceeding the limits specified below as per Rule 65
[vide u/s 30(f)(i)]:*
•Expenditure on foreign travels of employees and their dependents (spouse and
minor children including step and adopted children) for holidaying and recreation
exceeding the limit under Rule 65A [vide u/s 30(f)(ii)]: 3 months’ basic salary, or ¾
th of the actual expenditure, whichever is less and the foreign travels shall not be
oftener than once in every 2 years.
Publicity and advertisement (illegal and capital type) [u/s 30(f)(iii
11. List of Deductions Inadmissible u/s 30
Turnover
Deduction for expenses for free sample as
% of turnover
Pharmaceutical
Industry
Other Industry
Up to Tk. 5 crore 2 % 1.5%
Exceeding Tk. 5 crore, but up to
Tk. 10 crore
1 % 0.75%
Exceeding Tk. 10 crore 0.5% 0.375%
•Distribution of free samples exceeding the following limit as per Rule 65C [vide
u/s 30(f)(iv)]:
12. List of Deductions Inadmissible u/s 30
•Head Office expenses: Expenditure exceeding 10% of the profit under the head
of ‘Head Office expenses’ by a company, not incorporated in Bangladesh under
the Companies Act 1994 [u/s 30(g), inserted by the FA 2003]. Here, the profit will
be profit before charging this expenditure.*
•Royalty or technical expenses: Payment by way of royalty, technical services
fee, technical know how fee or technical assistance fee exceeding 8% of the profit
[u/s 30(h), inserted by the FA 2003]. Here, the profit will be profit before charging
this expenditure.*
•Salary not through bank: Payment by way of salary or remuneration made
otherwise than by crossed cheque or bank transfer by a person to an employee
having gross monthly salary of Taka 15,000 or more [u/s 30(i), inserted by the FA
2006].
•Incentive bonus: Expenditure by way of incentive bonus exceeding 10% of the
disclosed net profit [u/s 30(j), inserted by the FA 2006].
•Overseas traveling: Expenditure by way of overseas travelling exceeding 1% of
the disclosed turnover [u/s 30(k), inserted by the FA 2006].
•These three types of expenses are to be computed as a percent of profit
before charging all these three expenses.
13. Income from Business or Profession at a glance
Description Tk Tk
Net income as per the profit and loss Account
Add: Expenses that are not allowed
Add: Income under the head of business and
profession that are not included earlier
Less: Expenses that are allowed(not debited in
P/L account)
Total income
Less: Income that are not from business or
profession(already credited tin P/L account)
Taxable income from business or profession
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