What is the manner of computation of taxable business income under the normal provisions of the Income-tax Law, i.e., in case of a person not adopting the presumptive taxation scheme of section 44AD?
Debnath Mondal
Generally, as per the Income-tax Law, the taxable business income of every person is computed as follows :
Particulars
Amount
Turnover or gross receipts from the business
XXXXX
Less : Expenses incurred in relation to earning of the income
(XXXXX)
Taxable Business Income
XXXXX
For the purpose of computing taxable business income in the above manner, the taxpayers have to maintain books of account of the business and income will be computed on the basis of the information revealed in the books of account.
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