Section 28 of the Income Tax Act, 1961, deals with the chargeability of income from profits and gains of a business or profession to income tax – under the head “Profits and gains of business or profession”.
There are certain types of income which are not taxable as income under this head.
Partner
KR Chawla & Co
According to section 37(1) of the act, for a particular item of expenditure to be an allowable deduction under this section, it should not be a capital expenditure or personal expense (or another expenditure described in sections 30 to 36 of the act) of the assessee; and it should have been laid out or expended wholly and exclusively for the purpose of the business or profession of the assessee.
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Sumes Dewan is a partner at KR Chawla & Co Advocates & Legal Consultants. The firm is headquartered in New Delhi and has offices in Chennai and Bangalore as well as a representative office in Singapore.
KR Chawla & Co
Head Office
7th Floor, Kailash Building
26, Kasturba Gandhi Marg
New Delhi – 110 001
India
Tel: +91 11 2335 7658-61
Fax: +91 11 2331 9997
Email: krclo@krcco.com
Singapore
9 Temasek Boulevard
#32-01 Suntec Tower 2
Singapore – 038989
Tel: +65 6432 5220
Fax: +65 6332 1485
Email: krlcosingapore@krcco.com
