Income from Business or Profession

Tax Glossary Definition

Income from Business or Profession

Income from Business or Profession – Income earned from carrying out a trade, business, or profession, calculated as gross receipts minus allowable business or professional expenses, and taxable under the respective head in the Income Tax Act. Example: A consultant earns ₹10 lakh in a year and has ₹3 lakh of allowable business expenses, resulting in a net taxable income of ₹7 lakh from business/profession

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