Profits of the business - Definition / Legal Terminology - Income Tax

Explanation . (baa) - For the purposes of section 80HHC(3) of the Income tax Act 1961 - ,- profits of the business means the profits of the business as computed under the head Profits and gains of business or profession as reduced by- ( 1 ) ninety per cent of any sum referred to in clauses (iiia), (iiib), (iiic), (iiid) and (iiie) of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits ; and ( 2 ) the profits of any branch, office, warehouse or any other establishment of the assessee situate outside India ; Explanation (e) .- For the purposes of section 80HHF of the Income tax Act 1961 - Profits of the business means the profits of the business as computed under the head Profits and gains of business or profession as reduced by- ( A ) ninety per cent of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and ( B ) the profits of any branch, office, warehouse or any other establishment of the assessee situated outside India;