Profits and gains of business or profession - Income-tax Act, 1961

Chapter: IV

COMPUTATION OF TOTAL INCOME

Heads of income

Part: D
Profits and gains of business or profession
Section 28	:	Profits and gains of business or profession
Section 29	:	Income from profits and gains of business or profession, how computed
Section 30	:	Rent, rates, taxes, repairs and insurance for buildings
Section 31	:	Repairs and insurance of machinery, plant and furniture
Section 32	:	Depreciation
Section 32A	:	Investment allowance
Section 32AB	:	Investment deposit account
Section 32AC	:	Investment in new plant or machinery.
Section 32AD	:	Investment in new plant or machinery in notified backward areas in certain States
Section 33	:	Development rebate
Section 33A	:	Development allowance
Section 33AB	:	Tea development account, coffee development account and rubber development account
Section 33ABA	:	Site Restoration Fund
Section 33AC	:	Reserves for shipping business
Section 33B	:	Rehabilitation allowance
Section 34	:	Conditions for depreciation allowance and development rebate
Section 34A	:	Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies
Section 35	:	Expenditure on scientific research
Section 35A	:	Expenditure on acquisition of patent rights or copyrights
Section 35AB	:	Expenditure on know-how
Section 35ABA	:	Expenditure for obtaining right to use spectrum for telecommunication services.
Section 35ABB	:	Expenditure for obtaining licence to operate telecommunication services
Section 35AC	:	Expenditure on eligible projects or schemes
Section 35AD	:	Deduction in respect of expenditure on specified business.
Section 35B	:	Omitted
Section 35C	:	Omitted
Section 35CC	:	Omitted
Section 35CCA	:	Expenditure by way of payment to associations and institutions for carrying out rural development programmes
Section 35CCB	:	Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources
Section 35CCC	:	Expenditure on agricultural extension project.
Section 35CCD	:	Expenditure on skill development project.
Section 35D	:	Amortisation of certain preliminary expenses
Section 35DD	:	Amortisation of expenditure in case of amalgamation or demerger
Section 35DDA	:	Amortisation of expenditure incurred under voluntary retirement scheme
Section 35E	:	Deduction for expenditure on prospecting, etc., for certain minerals
Section 36	:	Other deductions
Section 37	:	General
Section 38	:	Building, etc., partly used for business, etc., or not exclusively so used
Section 39	:	Omitted
Section 40	:	Amounts not deductible
Section 40A	:	Expenses or payments not deductible in certain circumstances
Section 41	:	Profits chargeable to tax
Section 42	:	Special provision for deductions in the case of business for prospecting, etc., for mineral oil
Section 43	:	Definitions of certain terms relevant to income from profits and gains of business or profession
Section 43A	:	Special provisions consequential to changes in rate of exchange of currency
Section 43AA.	:	Taxation of foreign exchange fluctuation
Section 43B	:	Certain deductions to be only on actual payment
Section 43C	:	Special provision for computation of cost of acquisition of certain assets
Section 43CA	:	Special provision for full value of consideration for transfer of assets other than capital assets in certain cases.
Section 43CB	:	Computation of income from construction and service contracts.
Section 43D	:	Special provision in case of income of public financial institutions, etc.
Section 44	:	Insurance business
Section 44A	:	Special provision for deduction in the case of trade, professional or similar association
Section 44AA	:	Maintenance of accounts by certain persons carrying on profession or business
Section 44AB	:	Audit of accounts of certain persons carrying on business or profession
Section 44AC	:	Omitted
Section 44AD	:	Special provision for computing profits and gains of business on presumptive basis.
Section 44ADA	:	Special provision for computing profits and gains of profession on presumptive basis.
Section 44AE	:	Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
Section 44AF	:	Special provisions for computing profits and gains of retail business
Section 44B	:	Special provision for computing profits and gains of shipping business other than cruise shipping in case of non-residents.
Section 44BB	:	Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils
Section 44BBA	:	Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents
Section 44BBB	:	Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects
Section 44BBC	:	Special provision for computing profits and gains of business of operation of cruise ships in case of non-residents
Section 44BBD	:	Special provision for computing profits and gains of non-residents engaged in business of providing services or technology for setting up an electronics manufacturing facility or in connection with manufacturing or producing electronic goods, article or thing in India
Section 44C	:	Deduction of head office expenditure in the case of non-residents
Section 44D	:	Special provisions for computing income by way of royalties, etc., in the case of foreign companies
Section 44DA	:	Special provision for computing income by way of royalties, etc., in case of non-residents
Section 44DB	:	Special provision for computing deductions in the case of business reorganization of co-operative banks