INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

PROFIT AND GAINS FROM BUSINESS AND PROFESSION

CHARGING SECTION (SECTION 28):
 Profit and gains of any business or profession.
 Compensation: any compensation received or due to be received by-
Person managing Indian company in relation to termination or modification in
terms and condition.
Person managing other company in relation to termination or modification in
terms and condition.
Person holding agency in India in relation to termination or modification in
terms and condition.
Person vesting in the government.
Person in relation to contract termination or modification in terms and
condition.
 Income derived by a trade, association or professional from specific services to its
members.
 Incentive from export business:
Profit on sale of import entitlement.
Cash assistance against export under any scheme of GOI.
Duty drawback
Profit on the transfer of DEPB
Profit on the transfer of DFRC.
 Benefit or perquisite arising from business or profession.
 Partner’s remuneration.
 Non-competing fees and exclusivity receipt (compensation from multilateral fund of
the montreal protocol on substances that deplete ozone layer is not taxable)
 Key man insurance policy receipt.
 FMV of inventory on its conversion as capital assets.
 Sale proceed of assets of specified business.
MODE OF COMPUTATION OF INCOME UNDER PGBP(SECTION 29)
PARTICLUARS AMOUNT
Net profit as per P/L account -
Add: expenses debited to P/L account not allowable under this Head -
Less: allowable expenses under this head not debited to P/L a/c -
Less: income not taxable under this head but credited to P/L a/c -
Add: income not credited to P/L a/c but taxable under this head -
Profit and gains of business and profession -
BASIC REQUIREMENT FOR CHARGING ANY INCOME UNDER PGBP
 There should be profit & gains.

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 Profit and gains may be of any business or profession.

 Business or profession must be carried on by assessee.(pre incorporation profits not
included)
 Business or profession should be carried on at any time during the previous year.
 Income from letting of business assets.
SPECULATION TRANSACTION {SECTION 43(5)}
Speculation transaction means a transaction in which a contract for purchase and sale of any
commodity, including stock and shares, is periodically or ultimately settled otherwise than by
the actual delivery or transfer of the commodity and scrips.
Following transaction will not be treated as speculative transactions:
 Hedging contract in respect of raw material or merchandise.
 Hedging contract in respect of stock and shares.
 Forward contract.
 Trading on derivates.
 Trading in commodity derivatives.
DEEMED SPECULATION BUSINESS (EXPLANATION TO SECTION 73):
Where any part of the business of a company consists of purchase and sale of shares of other
companies, then such company shall be deemed to be carrying on a speculation business to
the extent to which the business consists of the purchase and sale of such shares.
Exception: (in case main taxable nahi hoga)
 A company whose GTI consists mainly of income under the head IHP,CG and IOS.
 A company the principal business of which is the business of trading in shares or
banking or the granting of loans and advances.
CLAIMING DEDUCTION OF LOSSESS INCIDENTAL TO BUSINESS
 Loss should be real in nature.
 Loss should be revenue.
 Losses be actually occurred.
 Losses should be incidental to business.
ADMISSIBILITY OF DEDUCTION UNDER SECTION 30 TO 44DB.
 Expenditure should relate to the business of the assessee.
 Expenditure should relate to the P.Y in which business has been carried out.
 Burden to prove the admissibility of expenditure lies to the assessee.
 No expenditure allowed before setting up of the business.
DEDUCTION IN RESPECT OF RENT, RATES & TAXES ETC. OF BUILDING, MACHINERY AND
FURNITURE – SECTION 30 & 31
1. Rent, rates, taxes, repairs and insurance of building (section 30):

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 Rent and repairs of premises:

֎ As a tenant: rent paid + cost of repair
֎ Otherwise as a tenant: amt paid for current repair.
 Taxes: such as municipal taxes, local tax subject to section 43B.
 Insurance premium: amount of premium paid.
2. Cost of repairs and current repairs of capital nature not deductible
3. Capital expenditure on leased building – lessee deemed owner – entitled for
depreciation.(extra expense jo karega uspe)
4. Repairs and insurance of machinery, plant or furniture (section 31): same as above 3
points
DEPRECIATION, WDV AND ACTUAL COST
DEPRECIATION (SECTION 32)
1. Depreciation is available on ‘’assets’’ and ‘’block of assets’’ ( not being goodwill of a
business or profession) [ Amended by Finance Act 2021 ]
2. Asset must be owned wholly or partly by assessee: depreciation is allowed only to the
owner of asset, however registered ownership is not necessary.
Exception:
Lessee is entitled to claim depreciation on any superstructure, constructed by
him.
In case of hire purchase: hire purchaser is allowed depreciation.
3. Asset must be used for the purpose of business or profession of the assessee.
4. Asset should be used during the relevant previous year: in order to claim depreciation,
it is mandatory that the asset must be in use during the previous year
Amount of depreciation:
֎ Use for less than 180days: put to use less than 180 days then 50% depreciation.
֎ Use for 180 days or more: 100 % depreciation allowed.
֎ Subsequent year me jitne bhi din koi relevant nahi hai.
5. Claim for depreciation is mandatory.
6. Rate of depreciation read it from book.
ACTUAL COST {SECTION 43(1)}
Actual cost means the actual cost of the assets of the assessee, reduced by that portion of the
cost thereof, if any, as has been met directly or indirectly by any other person or authority.
However agar asset ke liye Rs 10000 se jayada cash payment kiya hoga toh vo asset ki cost
me add nahi hoga. [ (a) credit card; (b) Debit card; (c) Net banking; (d) IMPS (immediate
payment service); (e) UPI (unified payment service); (f) RTGS (real time gross settlement); (g)
NEFT (national electronic funds transfer), and (h) BHIM (bharat interface for money) Aadhar
pay have been prescribed as mode of electronic payment]
COMPUTATION OF ACTUAL COST:
PARTICULARS AMOUNT

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Purchase price of the asset -

Add: Direct cost attributable to bring asset to its present location and working -
condition for its intended use (i.e expenses incurred for acquiring the asset E.g.
– freight, insurance, loading and handling etc. and expenses incurred in
connection with the installation of asset.)
Add: Interest on capital borrowed in connection with the acquisition of asset -
before the asset is first put to use
Less: Amount of duty of excise or additional duties of custom levied on it and -
included in its cost, in respect of which claim of CENVAT credit has been made
and allowed under the CENVAT credit rules 2004
Less: Portion of cost of asset which has been met directly or indirectly by the -
C.G in the form of subsidy or grant.
Add/Less: Increase/ Decrease in cost due to exchange rate fluctuation -
Actual cost of the asset -
WRITTEN DOWN VALUE(WDV)[SECTION 43(6)]
 In case of asset acquired in the P.Y: actual cost of the asset
 In case of asset acquired before the P.Y: actual cost – depreciation
WDV IN CASE OF BLOCK OF ASSETS [SECTION 43(6)(c)] [Amended by Finance Act 2021 ]
Particulars Amount
WDV at the beginning of the year -
Add: actual cost of the asset falling within the block, not being increase on -
account of acquisition of goodwill of a business or profession acquired during
the previous year
Less: -
(i) money payable (including scrap) in respect of any asset falling within
that block which is sold, discarded, demolished or destroyed during the
previous year, to the extent it does not exceed the sum of the above
two
(ii) where goodwill of a business or profession was part of the block of
assets on which depreciation was allowed to the assessee upto previous
year 2019-20, actual cost of the goodwill as reduced by amount of
depreciation that would have been allowable to the assessee for such
goodwill as if goodwill was the only asset in the block. However, the
amount of reduction cannot exceed the WDV.
WDV at the end of the year -
Less: Depreciation at block rate -
Depreciated value at the block at the end of the year -
WDV IN CASE OF SLUMP SALE
PARTICULARS AMOUNT

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WDV of block of assets -

Less: Deduction on account of slump sale to the extent of amount comuted -
(below)
PARTICULARS AMOUNT
Actual cost of assets failing in the block, which is transferred by slump sale -
Less: Depreciation that would have been allowed if that asset was the only one -
in the block
Deduction on account of slump sale -
For computing depreciation upward and downward revaluation of asset to be ignored.
WDV in case of assessee having partly agriculture and partly business income: Depreciation
shall be allowed only for business purpose.
WDV in case of block of asset transferred in succession of business and profession: WDV in the
hands of predecessor/transferor/amalgamating co/demerged co.
BLOCK EXIST BUT WDV CEASES TO EXIST: sale price > wdv – STCG, sale price < wdv –
depreciation.
WDV EXIST BUT BLOCK CEASES TO EXIST: sale price > wdv – STCG, sale price < wdv – STCL.
SPECIAL PROVISIONS CONSEQUENTIAL TO CHANGE IN RATE OF EXCHANGE OF CURRENCY
(SECTION 43A)
Applicability:
 Asset acquired from outside India for business & profession.
 Subsequently, there is change in exchange rate.
Treatment:
 The amount of liability so increased or decreased at the time of payment shall be
added or reduced to the cost of asset or the amount of capital expenditure.
Other relevant point:
 Adjustment of only actual payment.
 Liability meet by other person no adjustment needed.
 Increase/decrease in liability of interest payment on account of exchange rate
fluctuation will for part of the cost of asset.
APPORTIONMENT OF DEPRECIATION
Apportionment of depreciation in case of amalgamation/ demerger/business reorganization:
in the ratio of the number of days of use of asset by them during that previous year.
ADDITIONAL DEPRECIATION [SECTION 32(1)(iia)
Applicability: Is available on new machinery or plant (other than ship and aircraft), which has
been acquired and installed after 31-05-2005.
 Assessee engaged in the business of manufacture or production of any article or thing
or in the business of generation, transmission or distribution of power.

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 Available in case of block of asset.

Deduction:
 20% of actual cost of P&M. if put to use for less than 180 days, then only 10% will be
allowed.
 Balance of additional depreciation will be allowed in succeeding P.Y
No deduction:
P&M used outside India (second hand)
Any official appliances or road transport vehicles.
P&M installed in office premises or the residential accommodation (including guest
house)
P&M whose whole of the actual cost id deductible.
UNABSORBED DEPRECIATION [SECTION 32(2)]
 Shall be allowed to be carry forward.
 Can be carry forward even if business is not in existence.
 Return of loss is not required
 Brought forward loss shall be given priority over unabsorbed depreciation.
 Can be carry forward infinite.
DEPRECIATION IN CASE OF POWER GENERATING UNIT [SECTION 32(1)(ii)]
֎ Applicability: applies to power generating undertaking, but doesn’t apply to
undertaking only engaged in distribution of power.
֎ Claim for depreciation on SLM basis instead of WDV: Depreciation dono methods se
claim kar sakte hai but ek baar jo method claim karenge vo aage ke years ke liye bhi
applicable hoga.
֎ Treatment in case of sale of assets:
 Monies payable is less than WDV: terminal depreciation
 Monies payable exceed WDV not cost: balancing charge
 Monies payable exceed WDV and cost: balance charge + capital gain.
CERTAIN SPECIAL DEDUCTION – SECTION 35 TO 35DDA
DEDUCTION IN RESPECT OF EXPENDITURE INCURRED ON SCIENTIFIC RESEARCH[SECTION 35]

Section Expenditure incurred Amt. of Conditions

35 deduction
(1)(i) Revenue expenditure on 100% Expenditure incurred 3 years
scientific research related to before commencement of
business (before business.
commencement of business)
(1)(ii) Sum paid to a research 100% Deduction is allowed even if
association, university, college not allowed related to
or institution business.
(1)(iia) Sum paid to company having 100% -

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its main objective of scientific

research
(1)(iii) Sum paid for social science or 100% Deduction allowed even if
statistical research research is not related to
business.
(1)(iv)/(2) Capital expenditure (except 100% Expenditure incurred 3 years
expenditure on purchase of before commencement of
land) on scientific research business. No depreciation is
Capital expenditure (except allowable.
expenditure on purchase of
land) incurred before the
commencement of business
(2AA) Sum paid to – 100% -
 National labouratory
 University
 IIT
 Specified person
(2AB)  Expenditure (not being in 100% -
nature of cost of any land
or building)incurred on in-
house research and
development facility
incurred by a company
engaged in the business of
manufacture or production
of any article or thing, not
being an article or thing
specified in the list of the
eleventh schedule
 Expenditure on scientific
research in relation to
drugs and pharmaceuticals
Note:
 Deduction not to be denied even if approval withdrawn subsequently –
The approval granted to association, university, college, other institution referred
to u/s 35(1)(ii)/(iii), or the company referred u/s 35(1)(iia) or the laboratory or
specified person referred to under section 35(2AA) has been withdrawn; or
The approval granted to the proagramme undertaken by the National laboratory,
University, Indian institute of technology or specified person, has been
withdrawn.
 Intimation to prescribed income tax authority within 3 months: Every notification for
approval under Section 35(1)(ii)/(iia)/(iii) in respect of the research association,

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university, college or other institution or the company issued on or before 01-04-2021,

shall be deemed to have been withdrawn unless such research association, university,
college or other institution or company makes an intimation in prescribed form and
manner to the prescribed income-tax authority within 3 months from 01-04-2021, and
subject to such intimation the notification shall be valid for a period of 5 consecutive
assessment years beginning with the assessment year commencing on or after 01-04-
2022.
Notification to be effective for a period not exceeding 5 years: Any notification issued
by the Central Government any one time, have effect for such assessment year or
years, not exceeding 5 assessment years as may be specified in the notification.
 Conditions for claiming deduction: The research association, university, college or
other institution or company referred to in Section 35(1) (ii)/(iia)/(iii) shall not be
entitled to deduction, unless such research association, university, college or other
institution or company-
(i) Prescribed statement to be furnished: Prepares prescribed statement for prescribed
period in prescribed form and delivers the said statement to prescribed income-tax
authority or authorised person by such authority:
Correction statement to be furnished: Such research association, university, college or
other institution or the company may also deliver to the prescribed authority a
correction statement for rectification of any mistake or to add, delete or update the
information furnished in the statement delivered in such form and verified in such
manner as may be prescribed; and
(ii) Certificate to be furnished to the donor: Furnishes to the donor, a certificate
specifying the amount of donation in such manner, containing such particulars and
within such time from the date of receipt of sum, as may be prescribed. [ Amended by
Finance Act, 2020]
 Unabsorbed scientific research capital expenditure is carried forward and set off in
the same manner as unabsorbed depreciation.
 Actual use for scientific research during the previous year – not necessary.(there is no
requirement for put to use, only installation is needed)
 Scientific research asset sold:
 Without being used:
 Sale proceed upto amount of deduction is deemed as profit.
 Sale proceed above cost is taxable as capital gain.
 After being used:
 At the time for business purpose: cost will be NIL(100% deduction
allowed)
 At the time for sale: capital gain
EXPENDITURE ON SPECIFIED BUSINESS (SECTION 35AD)

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1. Optional deduction: An Assessee shall be allowed deduction under this section if he

opts for the provisions of this section [ Amended by Finance Act, w.e.f 01-04-2020 i.e
A.Y 2020-21]
2. Meaning of specified business:
֎ Cold chain facilities: on or after 1-4-2009
֎ Warehousing facilities – agriculture produce: on or after 1-4-2009
֎ Hospitals: atleast 100 beds on or after 1-4-2010
֎ Housing project: affordable house on or after 1-4-2011
֎ Fertilizer plant: production of fertilizer on or after 1-4-2011.
֎ Cross –country natural gas pipeline network: on or after 1-4-2007.
֎ Hotel: two star or above on or after 1-4-2010
֎ Slum redevelopment housing project: on or after 1-4-2010
֎ ICD/CFS: on or after 1-4-2012
֎ Bee-keeping and production of honey and beeswax: on or after 1-4-2012
֎ Warehousing facility – sugar: on or after 1-4-2012
֎ Slurry pipe line: on or after 1-4-2014
֎ Semi-conductor wafer-fabrication manufacturing unit: on or after 1-4-2014
֎ Infrastructural facility: on or after 1-4-2017.
Eligible Deduction: 100% of the capital expenditure incurred. Deduction in respect of
expenditure incurred prior to commencement will be allowed. Capital expenditure exceed Rs
10000 or expenditure on land, goodwill and financial instrument not eligible. [ (a) credit card;
(b) Debit card; (c) Net banking; (d) IMPS (immediate payment service); (e) UPI (unified
payment service); (f) RTGS (real time gross settlement); (g) NEFT (national electronic funds
transfer), and (h) BHIM (bharat interface for money) Aadhar pay have been prescribed as
mode of electronic payment]
3. Condition to claim deduction:
a) It is not set up by splitting up, or the reconstruction, of a business already in
existence.
b) It is not set up by the transfer of P&M previously used for any purpose.
However second hand P&M doesn’t exceed 20% of total value of P&M or
second hand P&M is the imported one and no depreciation is claimed on it.
4. Minimum use of capital asset for specified business – 8 years
5. Asset used for purpose other than specified business – consequences thereof: the total
amount of deduction so claimed and allowed in one or more previous year as reduced
by the amount of depreciation allowable in accordance of the provision of section 32,
as if no deduction under this section was allowed, shall be deemed to be the income of
the assessee chargeable under the head PGBP of the previous year in which the asset
is so used.
6. In case of hotel operation can be transferred but the deduction will be allowed to the
owner.
7. Deduction under this section will not be allowed under any other section – No
deduction in respect of the expenditure shall be allowed to the assessee under any

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other section in any previous year or under this section in any other previous year, if
the deduction has been claimed or opted by the assessee and allowed to him under
this section [ Amended by Finance Act, w.e.f 01-04-2020 i.e A.Y 2020-21]
8. Carry forward and setoff of losses will be indefinite period.

EXPENDITURE BY WAY OF PAYMENT TO ASSOCIATION AND INSTITUTION FOR CARRYING OUT

RURAL DEVELOPMENT PROGRAMMES (SECTION 35CCA)
100% of the expenditure is allowed as deduction
EXPENDITURE INCURRED ON NOTIFIED AGRICULTURE EXTENTION PROJECT (SECTION 35CCC)
100% deduction allowed.
EXPENDITURE INCURRED BY COMPANIES ON NOTIFIED SKILL DEVELOPMENT PROJECT
(SECTION CCD)
100% deduction allowed.
AMORTIZATION OF CERTAIN PRELIMINARY EXPENSES (SECTION 35D)
1. Eligible assessee: Indian company or a person resident in india.
2. Deduction to be allowed in 5 equal installment: preliminary expenditure incurred
before commencement of business (from the date of commencement of business) or
after relating to extension of undertaking or setting up new unit ( P.Y in which
extension is completed or new unit commences production)
3. Expenditure eligible for deduction:
Expenditure in connection with –
 Feasibility report
 Project report
 Conducting market or any other survey
 Engineering services
Legal services for drafting any document
Assessee is a company, also expenditure of
 Legal charges of MOA and AOA
 Printing charges of MOA and AOA
 Registration fees
 Underwriting commission or brokerage etc.
Such other expenditure.
4. Amount qualifying for deduction: lower of the following:
 Aggregate of eligible expenditure or
 Higher of (i) or (ii)-
(i) 5% of cost of project or
(ii) 5% of capital employed (only in case of Indian company)
5. Audit of accounts: where the assessee is a person other than a company or a co-
operative society, no deduction shall be admissible unless the account of the assessee

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for the year or years in which the expenditure is incurred have been audited by a
Chartered Accountant before the specified date referred to in section 44AB and the
assessee furnishes for the first year in which the deduction under this section is
claimed, the report of such audit by that date in the prescribed form duly signed and
verified by such accountant and setting forth such particulars as may be prescribed.
[Amended by Finance Act, 2020 w.e.f 01-04-2020 i.e AY 202-21]
6. Transfer of undertaking in scheme of amalgamation/demerger: balance years ke liye
samne wale ko milega.
7. No double deduction.
8. Service unit also eligible.
AMORTIZATION OF EXPENDITURE INCURRED UNDER VOLUNTARY RETIREMENT SCHEME
(SECTION 35DDA)
1. Eligible assessee: any person.
2. Eligible expenditure: 100%
3. Deduction and period: 1/5th of expenditure for 5 successive years starting form P.Y
from year expenditure incurred.
4. Transfer of undertaking in scheme of amalgamation/demerger: balance years ke liye
samne wale ko milega.
5. No double deduction.
OTHER SPECIFIED DEDCUCTION AND GENERAL DEDUCTION (SECTION 36 & 37)
Other deduction (section 36)
Section Deductible expenditure Conditions
36 (1)
(i) Insurance premium on stock or store Used for business purpose
(ia) Insurance premium paid by federal milk -
cooperative society
(ib) Health insurance premium paid by any mode of Scheme framed by GIC
payment other than cash by an employer for and other insurer
employee approved by IRDA
(ii) Bonus or commission paid to employee (otherwise Bonus exceeding statutory
as profit or dividend) subject to 43B limit will also be allowed
(iii) Interest on capital borrowed for the purpose of Interest on own capital is
business or profession (asset ke put to use phele ka not deductible
interest cost of asset me include ho jaata hai and
uske baad ka interest as revenue expenditure
allowed ho jaata hai)
(iiia) Discount on zero coupon bond ( ZCB issued by any Allowed over the life of
infrastructure capital company/ fund or bond
infrastructure debt fund or public sector or
scheduled bank ( Amended by Finance Act 2021 )

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(iv) Contribution made by employer to RPF/approved Subject to section 43B

superannuation fund
(iva) Deduction of contribution made by employer -
towards a pension scheme u/s 80CCD or 10% of
salary of employee (WEL)
(v) Sum paid by employer towards an approved Subject to section 43B
gratuity fund
(va) Sum received by assessee from his employees as Such sum should be
contribution to provident fund or employee state credited by the assessee
insurance fund or superannuation fund or any to the employee’s account
other welfare fund in the relevant funds on or
before the due date
Sum received is treated as income first then Due date not to be
allowed as deduction determined as per Section
43B [ Amended by Finance
Act 2021 ]
(vi) Loss in respect of animals, animals used for Deduction allowed =
business or profession (otherwise than an stock in [actual cost of the animal
trade) – sale proceed of animals]
(vii) Expenditure on promoting family planning -
Revenue expenditure – 100 % in year which it is
incurred
Capital expenditure – 1/5th of the expenditure ( 5
years main allow hoga)
(viii) STT paid will be allowed -
(ix) CTT paid will be allowed -
DEDUCTION IN RESPECT OF BAD DEPTS (SECTION 35(I)(vii) & 36(2))
a) Bad dept written off irrecoverable shall be allowed. However provision for doubtful
debt will not be allowed.
b) Koi debt irrecoverable hogaya hai and usko ICDS ke basis me income liye the and vo
bhale he books of accounts me record nahi hua hai uski deduction mil jayegi as bad
dept.
c) Deduction is allowed subject to conditions:
1. There must be a debt and the debt must be incidental to the business or profession
of the assessee.
2. Such debt shall be taken while computing the income of the assessee.
d) In case of bank agar provision se jayada bad dept hua toh excess amount ki deduction
mil jayegi.
e) Bad dept recovered is taxable in the P.Y which it is recovered.
f) Successor of business – bad dept allowed business wise, not assessee wise.
g) No requirement to prove bad depts..

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GENERAL DEDUCTION (SECTION 37)

The expenditure should be in the nature of:
֎ Should not be in the nature of section 30 to 36.
֎ Incurred by assessee during the accounting year.
֎ Should be in respect of business.
֎ Should not be in the nature of personal expenses.
֎ Not be in the nature of capital expenditure.
֎ Should be wholly and exclusively for business or profession.
 Expenditure for any offence or prohibited purpose – not allowable
 CSR expenditure – not deductible
 Advertisement expenditure in magazine published by political party – not deductible.
 Illegal business losses shall be allowed as deduction while computing income from
illegal business.
SPECIAL DISALLOWANCES – SECTION 40 & 40A
Amount not deductible (section 40):
Sec. Expenditure disallowed
40(a)
(i) Payment outside India or to non-resident on which tax has not been
deducted/paid.
 Any interest, royalty, fees for technical services or any other sum
chargeable in the hands of receipt under this act and payable-
a) Outside India or
b) In India to a non-resident, not being a company or to a foreign
company
On which tax is not deducted or after deduction is not paid on or
before due date of filing return u/s 139(1).
 However, where in respect of any sum -
i. Tax has been deducted in subsequent year or
ii. Has been deducted during the P.Y but paid after the due date
specified under 139(1).
The such sum shall be allowed as deduction in computing the
income of the subsequent P.Y in which TDS has been so paid.
 Where the assessee fails to deduct the whole or any part of the tax then
such assessee shall not be assessee in default, if the such payee
a) Has furnished return of income.
b) Has taken such income in return.
c) Has paid tax on that income, payer furnishes certificate from
accountant.
It would be deemed that the assessee has deducted and paid the
tax.

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 INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

(ia) Payment to residents on which tax has not been deducted/paid – 30 % of such
sum shall be not allowed as deduction
 30% of any sum payable to a resident on which tax is not deducted or after
deduction is not paid on or before due date of filing return u/s 139(1).
 However, where in respect of any sum-
1. Tax has been deducted in subsequent year or
2. Has been deducted during the P.Y but paid after the due date specified
under 139(1).
The such sum shall be allowed as deduction in computing the income
of the subsequent P.Y in which TDS has been so paid.
Where the assessee fails to deduct and pay tax and if the payee pays
the same then the assessee will not be called as a assessee in default.
(ii) Income tax
(iia) Wealth tax
(iib) Certain fees, royalty, service charges etc. payable by state government
undertaking to the state government
(iii) Payment of salary outside india or to non-resident on which tax has not been
deducted and paid.
(iv) Contribution towards employees welfare fund
(v) Tax paid on non-monetary perquisites
PROCISION REALTING TO COMPUTATION OF PROFITS AND GAINS OF BUSINESS OR
PROFESSION OF FIRM [ SECTION 40(B)]
Following amount shall be disallowed –
(i) Any payment of salary, bonus, commission or remuneration, to any partner who is
not working, i.e. non-working partner
(ii) Any interest paid to any partner in excess of 12% simple interest
(iii) Any remuneration prior to deed not allowed
(iv) Limit:
Book profit Allowable remuneration
On first ₹ 3,00,000 of book profit, or in case of  ₹ 1,50,000 or
a loss  90% of book profits,
Whichever is more
On balance of the book profit 60% of book profits
Explanation 1: individual capacity ( representative capacity) main partner and interest
individual capacity(representative capacity) main milega toh allowed hai.
Exemption to partners in respect of their shares in firm’s income
Interest, salary, etc. received by a partner to be assessed as his business income.
PROVISION FOR COMPUTING BUSINESS INCOME OF ANY AOP/BOI [ SECTION 40(ba)]
Interest to members – not allowable [individual capacity ( representative capacity)
main member and interest individual capacity(representative capacity) main milega toh
allowed hai.]

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 INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

Remuneration to members – not allowable

DISALLOWANCE OF PAYMENT MADE TO SPECIFIED PERSONS/RELATIVES IN EXCESS OF FAIR
MARKET VALUE [SECTION 40A(2)]
Payment made to relative in excess of fair value – not deductibe: if the
 Payment made to specified persons and
 The assessing officer is of opinion that such expenditure is excessive or unreasonable.
So much of excessive or unreasonable will be disallowed
Meaning of specified persons:
(i) Assessee is individual Relative of assessee
(ii) Assessee is a company, firm, AOP or HUF Director of company, partner of firm,
member of AOP or HUF and relative of
above.
(iii) Individual has substantial interest or relative of such individual
(iv) Assessee is a company, firm, AOP or HUF or Director of company, partner of firm,
member of AOP or HUF and relative of above have substantial interest in other
company.
SECTION 40A(3)
Expenditure paid in aggregate exceeding Rs 10000 in a day, otherwise than by account payee
cheque or account payee bank draft. [ (a) credit card; (b) Debit card; (c) Net banking; (d) IMPS
(immediate payment service); (e) UPI (unified payment service); (f) RTGS (real time gross
settlement); (g) NEFT (national electronic funds transfer), and (h) BHIM (bharat interface for
money) Aadhar pay have been prescribed as mode of electronic payment]
1. Disallowance to be made in the year of payment for expenditure incurred in earlier
years.
2. Enhanced limit of Rs 35000 in case of goods transport agencies.
3. No person to enforce that payment exceeding Rs 10000/35000 to be made in cash. [
(a) credit card; (b) Debit card; (c) Net banking; (d) IMPS (immediate payment service);
(e) UPI (unified payment service); (f) RTGS (real time gross settlement); (g) NEFT
(national electronic funds transfer), and (h) BHIM (bharat interface for money) Aadhar
pay have been prescribed as mode of electronic payment]
4. Cases where disallowance would not be attracted:.
Loan transactions: sirf principal payment kar sakte hai but interest ke liye limit
apply hogi he.
Payment made by commission agents: for purchase of goods or services. Ha agar
khud apne side se supply karega toh limit applicable hogi.
PROVISONS OF SECTION 40A(3) NOT TOAPPLY IN CERTAIN CASES (EXCEPTION TO SECTION
40A(3) ARE GIVEN IN RULE 6DD)
 Payment made to RBI,SBI, banking co.,LIC and other banks
 Payment made to government.

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 INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

 Payment made through any bank, including foreign bank, by any of these modes-
֎ Any letter of credit arrangements
֎ A mail or telegraphic transfer
֎ A book adjustment between banks
֎ A bill of exchange made payable only to a bank
֎ Electronic clearing system
֎ A credit card
֎ A debit card
 Payment is made for adjustment against liability
 Where payment is made to the cultivator, grower or producer of the following for
purchase thereof-
 Agriculture or forest produce
 Produce of animal husbandry (including livestock, meat, hides, and skins) or
dairy or poultry farming
 Fish or fish products
 The products of horticulture or apiculture
 Payment made for manufacture or production in cottage industry without the aid of
power
 Payment is made in village or town where there is no bank.
 Payment on a day when banks are closed on account of holiday or strike. [omitted
w.e.f 29-01-2020]
 Payment made to agent who is required to make payment in cash
 Payment made to an authorized dealer or money changer against foreign currency.
 Where any payment is made to an employee of assessee or the heir of any such
employee, on or in connection with the retirement, retrenchment, resignation,
discharge or death of such employee, on account of gratuity, retrenchment
compensation or similar terminal benefit and aggregate of such sums payable to
employee or his the heir does not exceed Rs 50,000;
 Where the payment is made by an assessee by way of salary to his employee after
deducting the income-tax at source, when such employee is temporarily posted for a
continuous period of 15 days or more in a place other than his normal place of duty or
on a ship, and does not maintain any account in any bank at such place or ship;
PROVISION MADE FOR GRATUITY [SECTION 40A(7)]
 Provision made for unapproved gratuity fund – not allowable: however provision
made by the assessee towards approved gratuity fund which becomes payable during
the P.Y will be allowable.
 Payment of gratuity to retiring employee – allowable (subject to section 43B).
PAYMENT MADE TO NON-STATUTORY FUNDS – NON DEDUCTIBLE (SECTION 40A(9)]
DEEMED PROFITS – SECTION 41
SECTION DEEMED PROFIT

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 INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

41(1) Recovery against a deduction allowed in any previous year: where an

allowance or deduction has been made in the assessment for any year in
respect of loss, expenditure or trading liability incurred by the assessee and
subsequently during any previous year-
 The assessee has obtained, whether in cash or in any other manner or
whatsoever,
 Any amount in respect of such loss or expenditure or some benefits in
respect of such trading liability by way of its remission or cessation
thereof;
Then the amount obtained by such person or the value of benefit
accuring to him shall be deemed to be PGBP and accordingly, taxable as
the income of the that P.Y, whether the business or profession si in
existence in that year or not.
The same provisions shall apply in case of succession of business, in
which the amount received shall be taxable in the hands of the
successor.
41(5) Set off of losses against incomes taxable under section 41(1)/(3)/(4)/(4A)
CERTAIN DEDUCTIONS TO BE ALLOWED ONLY ON ACTUAL PAYMENT [SECTION 43B]
 Any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name
called, under any law for the time being in force or
 Any sum payable by the assessee as an employer by way of contribution to any
provident fund or superannuation fund or gratuity fund or any other fund for the
welfare of employees or
 Any bonus or commission to employees for services rendered.
 Any sum payable by the assessee as an employer in lieu of any leave at the credit of
his employee or (leave encashment)
 Any sum payable by the assessee to the Indian railways for the use of railways assets.
 Any sum payable by the assessee as interest on any loan or borrowing from-
1. Any public financial institution
2. State financial corporations or state industrial investment corporations
In accordance with the terms and conditions of the agreement governing such
loans or borrowing.
 Any sum payable by the assessee as interest on any loan or borrowing from a deposit
taking non-banking financial company or systematically important non-deposit taking
non-banking financial company, in accordance with the terms and conditions of the
agreement governing such loan or borrowing or
Where a deduction in respect of any sum referred above is allowed in computing the
income referred to in section 28, of the previous year (being a previous year relevant
to the assessment year commencing on 1-4-2019, or any earlier assessment year) in
which the liability to pay such sum was incurred by the assessee, the assessee shall not
be entitled to any deduction under this section in respect of such sum in computing the

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 INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

income of the previous year in which the sum is actually paid by him.
Explanation:
(i) Non-banking financial company means
 a financial institution which is a company;
 a non-banking institution which is a company and which has as its
principal business the receiving of deposits, under any scheme or
arrangement or in any other manner, or lending in any manner;
 such other non-banking institution or class of such institutions, as the
bank may, specify with the previous approval of the Central
Government and by notification in the Official Gazette.
(ii) "Deposit taking non-banking financial company" means a non-banking
financial company which is accepting or holding public deposits and is
registered with the Reserve Bank of India under the provisions of the Reserve
Bank of India Act, 1934.
(iii) "Systemically important non-deposit taking non-banking financial company"
means a non-banking financial company which is not accepting or holding
public deposits and having total assets of not less than Rs 500 crore as per the
last audited balance sheet and is registered with the Reserve Bank of India
under the provisions of the Reserve Bank of India Act, 1934.
 Any sum payable by the assessee as interest on any loan or advances from a schedule
bank or a co-operative bank other than a primary agriculture credit society or a
primary co-operative agriculture and rural development bank in accordance with the
terms and conditions of the agreement governing such loan and advance.
Manner of deduction:
Case Year of allowance
If the sum relates to any previous year for which payment has In the P.Y to which it
been made on or before the due date of furnishing the return of relates
income of that year
In any other case In the year of
payment
In case of conversion of interest into loan/borrowing/advance: then such shall only be
allowed when payment is made.
Employees contribution to staff welfare scheme not covered [ Amended by Finance Act 2021]:
This section shall not apply and shall be deemed never to have been applied to a sum received
by the assessee from any of his employee to which the provisions of section 2(24)(x) applies.
In effect, section 43B(b) covers only employer’s contribution to provident fund,
superannuation fund, gratuity fund or any other fund for welfare of employees, for
remittance of which extended time limit upto due date of return u/s 139(1) is available;
however, it does not include within its scope, employees contribution to such funds received
by the employer, which has to be credited to the employee’s account in the relevant fund on

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 INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

or before the due date specified under the relevant act, rule etc. amount credited after the
said due date but on or before the due date under section 139(1) would not be eligible for
deduction.

SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION FOR TRANSFER OF ASSETS OTHER
THAN CAPITAL ASSETS IN CERTAIN CASES (SECTION 43CA)
1. Stamp duty value deemed to be full value of consideration: agar land and building ko
transfer kiya as stock in trade(other than capital asset) SDV se kam me toh value SDV
he transfer value hogi. But agar SDV aur consideration me 110% of consideration se
jayada ka difference nahi hai toh uss case main consideration ko he le lenge otherwise
SDV lenge.[Amended by Finance Act, 2020]
In case of transfer of an asset, being a residential unit, 120% shall be taken instead of 110%, if
the following conditions are satisfied, namely –
(i) The transfer of such residential unit takes place during the period beginning from
12/11/2020 and ending on 30/6/2021;
(ii) Such transfer is by way of first time allotment of the residential unit to any person;
and
(iii) The consideration received or accruing as a result of such transfer does not exceed
₹ 2 crore [ Amended by Finance Act 2021 ]
“Residential unit” means an independent housing unit with separate facilities for
living, cooking and sanitary requirement, distinctly separated from other
residential units within the building, which is directly accessible from an outer
door or through an interior door in a shared hallway and not by walking through
the living space of another household.
2. Stamp duty value on the date of agreement to be considered: agar agreement wale
din kuch consideration other than cash me diya hoga toh SDV on the date of
agreement lenge otherwise SDV on the date of registry.
3. Other provision of section 50C applicable.
ACCOUNTS AND AUDIT – SECTION 44AA & 44AB
MAINTENANCE OF BOOKS OF ACCOUNTS BY CERTAIN PERSONS ON BUSINESS OR PROFESSION
(SECTION 44AA)
1. Person carrying on specified professions: jo log specified profession kar rahe hai unko
books of accounts maintain karna padega jab-
 If the gross receipt exceed Rs 150000 in all the three immediately preceding
year or
 If new profession then Rs 150000 in current year
Books of accounts to be maintained
(i) Cash book
(ii) Journal
(iii) Ledger
(iv) Carbon copies or counterfoils of bills exceeding Rs 25

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(v) Original bill issued, in absence of bills payment exceed Rs 50 then

payment voucher.
Additional book in case of medical profession:
(a) A daily case register in form no. 3C
(b) An inventory as on the first and last day of P.Y
2. Other assessee’s:
In case of existing If-
business or profession (a) His income from PGBP exceeds Rs 120000 (Rs 250000 in case
of individual or HUF) or;
(b) Total sales/turnover/gross receipt thereof exceed Rs 1000000
(Rs 2500000 in case of individual or HUF)
In any of the three previous year immediately preceding the P.Y
In case of newly set up If-
business or profession (a) His income from PGBP is likely to exceed RS 120000 (RS
250000in case of individual and HUF) during the P.Y
(c) Total sales/turnover/gross receipt thereof exceed Rs 1000000
(Rs 2500000 in case of individual or HUF) during the P.Y
In case of deemed If the assessee has claimed his income lower than the profits and
profits u/s 44AE, 44BB gains so deemed, during the year
or 44BBB
Where the provisions If his income exceed the maximum amount which is not
of section 44AD(4) are chargeable to income tax in any previous year.
applicable
Notes:
 Place at which books to be kept: at principal place of business. However if separate
book of account are maintained for each place of business , then the same are to be
kept at their respective places.
 Period for maintenance of books: 6 years.
AUDIT OF ACCOUNTS OF CERTAIN PERSONS CARRYING ON BUSINESS OR PROFESSION
(SECTION 44AB)
1. Tax audit: by CA in form 3CB along with prescribed particulars (form 3CD)
In case of business Total sales, turnover or gross receipt, as the case may be, exceed
RS 1 crore in any previous year or
However, in the case of a person whose –
(a) Aggregate of all amounts received including amount
received for sales, turnover or gross receipt during the
previous year, in cash, does not exceed 5% of the said
amount; and
(b) Aggregate of all payment made including amount incurred
for expenditure, in cash, during the previous year does not
exceed 5% of the said payment,

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 INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

He will have to get his account audited if his total sales, turnover
or gross receipt, as the case may be, exceeds Rs 10 crore in any
previous year;
The payment or receipt, as the case may be, by cheque drawn on
a bank or by a bank draft which is not account payee, shall be
deemed to be the payment or receipt, as the case may be, in cash
[Amended by Finance Act, 2021]
In case of profession Gross receipt exceed Rs 50 lakh in any previous year
In case the PGBP are If the assessee has claimed his income lower than the profits and
deemed profits u/s gains so deemed, during the year
44AE, 44BB or 44BBB
In case of business if If his income exceed the maximum amount which is not
the provisions of chargeable to income tax in any previous year.
section 44AD(4) are
applicable
In case the PGBP are He has claimed his income to be lower than the profit and gains
deemed profit u/s so deemed and his income exceed the maximum amount not
44ADA chargeable to tax in any P.Y
2. Non-applicability: This section shall not apply to the person, who declares profits and
gains for the previous year in accordance with the provisions of 44AD(1) and hist total
sales, turnover or gross receipt as the case may be in business does not exceed Rs 2
crore rupees in such previous year.
3. Audit under other law.
SPECIAL PROVISIONS FOR COMPUTING PROFITS AND GAINS OF BUSINESS ON PRESUMPTIVE
BASIS (SECTION 44AD)
1. Eligible assessee:
 Individual,HUF,partnership firm who is resident (not LLP)
 Not claimed deduction under section 10A,10AA,10B,10BBA, 80-IA to 80RRB
2. Eligible business:
 Any business except section 44AE and
 Whose turnover or gross receipt does not exceed Rs 2 crore in P.Y
3. Non applicability:
 Person carrying specified profession referred under section 44AA.
 A person earning income in the nature of commission or brokerage
 A person carrying agency business.
4. Presumptive income(section 28 to 43C would not apply):
5. A sum equal to 8%, (6% in case business carried through any mode other than cash) [
(a) credit card; (b) Debit card; (c) Net banking; (d) IMPS (immediate payment service);
(e) UPI (unified payment service); (f) RTGS (real time gross settlement); (g) NEFT
(national electronic funds transfer), and (h) BHIM (bharat interface for money) Aadhar
pay have been prescribed as mode of electronic payment]

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 INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

 A sum higher claimed by assessee.

Shall be deemed to be the profit and gains of such business under PGBP.
5. No deduction under section 30 to 38.
6. Determination of WDV: jaise asset ki WDV nikalte hai vaise he nikalenge asset ki WDV
pata karne ke liye but eska koi relevance nahi hai upper ki income nikalne main.
7. Consequences of declaring lower income [section 44AD(4)]: agar assessee 8% se bhi
come income declare karta hai es section main toh vo next 5 assessment year ke liye
ineligible ho jayega yeh section me income claim karne ke liye matlab section 44AD
nahi le payega.
8. In case profit claimed to be lower than the deemed profits – maintenance of audit and
accounts:
 To whom provisions of section 44AD(4) is applicable (upper diya hai) and
 Whose total income exceed the maximum amount not chargeable to income
tax
Shall be required to keep and maintain books of accounts u/s 44AA and get
audited u/s 44AB.
9. Advance tax to be deposited upto 15th march of the relevant year.
10. In case of supply of material by contractee/purchaser – no profit is earned thereon by
contractor/manufacturer, hence not included in turnover/ gross receipt.(value of
material ko nahi lenge)
SPECIAL PROVISION FOR COMPUTING PROFIT AND GAINS OF PROFESSION ON PRESUMPTIVE
BASSIS [SECTION 44ADA]
1. Eligible assessee:
Being an individual or a partnership firm other than a limited liability
partnership, who is a resident in India, [ Amended by Finance Act 2021]
Profession under section 44AA(1) and
Total gross receipt does not exceed Rs 50 lakh in a P.Y
2. Presumptive income:
50 % of the total gross receipt or,
Higher amount claimed by the assessee.
3. No further deduction under section 30 to 38
4. WDV of asset: jaise asset ki WDV nikalte hai vaise he nikalenge asset ki WDV pata
karne ke liye but eska koi relevance nahi hai upper ki income nikalne main.
5. Accounts and audit if profits claimed to lower than deemed profits:
Assessee who claims that his profits and gains are lower than the deemed
profits and gains specified above and
Whose total income exceed the maximum amount not chargeable to income
tax
Shall be required to keep and maintain books of accounts u/s 44AA and get
audited u/s 44AB.
6. Advance tax to be deposited upto 15th march of the relevant year.

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 INCOME TAX (Applicable for MAY’22/JUNE’22/NOV’22/DEC’22)

SPECIAL PROVISION FOR COMPUTING PROFITS AND GAINS OF BUSINESS OF HIRING,PLYING

OR LEASING GOODS CARRIAGE [SECTION 44AE]
1. Eligible assessee (section 28 to 43C would not apply): assessee who
֎ Owns not more than 10 goods carriage at any time during the P.Y and
֎ Is engaged in the business of plying, hiring or leasing such good carriages.
Income shall be charged under the head PGBP
Hire purchase deemed to be the owner of goods carriage.
Note: even if on a single day, the number of goods carriage (whether heavy
goods vehicle or not) exceed 10, then, this section shall not apply to that
assessee for that P.Y
2. Deemed profits:
Particulars Rs
1. In case of goods carriage being a heavy goods vehicle : higher of -
 Rs 1000 per ton of gross vehicle weight or unladen weight, as the
case may be, per month per vehicle * no. of months or part of a
month in the P.Y during which the heavy vehicle is owned by the
assessee * no. of heavy goods vehicle
 An amount claimed to have been actually earned
2. In case of goods carriage other than a heavy good vehicle: higher of- -
 Rs 7500 p.m per vehicle * no. of month or part of a month in the
previous year during which the vehicle is owned by the assessee *
no of other goods carriages
 An amount claimed to have been actually earned
Profit and gains from PGBP -
Heavy goods vehicle means any good carriage, the gross vehicle weight of which exceeds
12000kg
Unladen weight means the weight of a vehicle or trailer including all equipment ordinarily
used with the vehicle or trailer when working but excluding the weight of driver or
attendant and where alternative parts or bodies are used the unladen weight of the
vehicle means the weight of the vehicle with the heaviest such alternative body or part.
3. All other deductions deemed to be allowed under section 30 to 38.
4. Salary interest to partners is allowed.
5. Not requirement to maintain books of accounts and get the accounts audited
6. Option to claim lower profits: Shall be required to keep and maintain books of
accounts u/s 44AA and get audited u/s 44AB.

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