Business Exemptions, Expenditure & Deductions
- Year of Publication: 2022
- Edition: 1st
- ISBN: 978-93-94163-20-1
Endeavour is to give complete picture of general and statutory provision in respect of computation of business income, exemptions, expenditure, deductions and allowances with relevant court cases and CBDT’s clarifications and points of view. The book is a veritable commentary on business expenditure, income exemptions, losses and deduction allowances in computation of profits and gains under Income-tax Act. It deals with deduction of general nature imbedded in profit determination and statutory provisions in accordance with which business income is determined (spread over in about 50 sections) with the help of relevant Rules and judgments of Supreme Court and High Courts.
The book contains specific discussion on the following important topics:
- Conceptual computation of business income and profits
- Expenditure relating to premises and assets used in a business
- Depreciation on tangible and intangible business assets owned and used
- Investment/development allowances in different businesses
- Scientific weighted and amortization promotional expenditure
- Finance charges and employment welfare expenses
- Expenses incurred for the purposes of business
- Restrictions on allowance of expenditure
- Remission/Cessation of allowed deductions
- Special deduction for oil business
- Definitions of terms used in business income computation
- Presumptive income and deductions
- Accounts and audit maintenance
- Allowances, set off and carry forward
- Chapter VIA deductions
R.P. Garg has been specialising over 50 years in corporate and taxation laws with consulting top tax law firms, having experience as a Chartered Accountant, advocate of High Courts and Supreme Court and as a member of Income Tax Appellate Tribunal for a period of over 23 years presiding over and conducting second appeals arising in direct tax laws and finally retired as the Senior Vice President thereof, a penultimate post as it then existed. Academically, he is a commerce graduate, a Fellow member of the Institute of Chartered Accountants of India and has a Master degree in law from Delhi University, India. He is also a senior tax consultant to internationally reputed firms dealing in corporate tax and offshore transaction matters.
R.P. Garg has been a continuous source of contributing papers in seminars and tax journals on International and Indian tax laws. He has been the co-author of books on Indian GAAR, Taxation of Non-residents, International Law, Law of Tax Treaties, Practice and Procedure before ITAT, National Company Law Appellate Tribunal, students series on income tax, Limitation & Arbitration and Gift tax laws.
R.P. Garg has been the Chairman of the Chamber of Tax Consultants, Delhi Chapter for consecutive two years and contributed his experience in spreading knowledge and as Past Chairman thereafter for another two years.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
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- Year of Publication: 2022
- Edition: 1st
- ISBN: 978-93-94163-20-1
Endeavour is to give complete picture of general and statutory provision in respect of computation of business income, exemptions, expenditure, deductions and allowances with relevant court cases and CBDT’s clarifications and points of view. The book is a veritable commentary on business expenditure, income exemptions, losses and deduction allowances in computation of profits and gains under Income-tax Act. It deals with deduction of general nature imbedded in profit determination and statutory provisions in accordance with which business income is determined (spread over in about 50 sections) with the help of relevant Rules and judgments of Supreme Court and High Courts.
The book contains specific discussion on the following important topics:
- Conceptual computation of business income and profits
- Expenditure relating to premises and assets used in a business
- Depreciation on tangible and intangible business assets owned and used
- Investment/development allowances in different businesses
- Scientific weighted and amortization promotional expenditure
- Finance charges and employment welfare expenses
- Expenses incurred for the purposes of business
- Restrictions on allowance of expenditure
- Remission/Cessation of allowed deductions
- Special deduction for oil business
- Definitions of terms used in business income computation
- Presumptive income and deductions
- Accounts and audit maintenance
- Allowances, set off and carry forward
- Chapter VIA deductions
R.P. Garg has been specialising over 50 years in corporate and taxation laws with consulting top tax law firms, having experience as a Chartered Accountant, advocate of High Courts and Supreme Court and as a member of Income Tax Appellate Tribunal for a period of over 23 years presiding over and conducting second appeals arising in direct tax laws and finally retired as the Senior Vice President thereof, a penultimate post as it then existed. Academically, he is a commerce graduate, a Fellow member of the Institute of Chartered Accountants of India and has a Master degree in law from Delhi University, India. He is also a senior tax consultant to internationally reputed firms dealing in corporate tax and offshore transaction matters.
R.P. Garg has been a continuous source of contributing papers in seminars and tax journals on International and Indian tax laws. He has been the co-author of books on Indian GAAR, Taxation of Non-residents, International Law, Law of Tax Treaties, Practice and Procedure before ITAT, National Company Law Appellate Tribunal, students series on income tax, Limitation & Arbitration and Gift tax laws.
R.P. Garg has been the Chairman of the Chamber of Tax Consultants, Delhi Chapter for consecutive two years and contributed his experience in spreading knowledge and as Past Chairman thereafter for another two years.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
