|
32. Computation of income from business
|
|
|
32. Computation of income from business.—(1) The income computed under the head "Income from business" shall be the profits from the business.
(2) The profits from the business of the nature specified in column (2) of the Table given below shall be computed in accordance with the provisions contained in the Schedule specified in the corresponding entry in column (3) of the said Table.
Table
|
Sl. No. |
Nature of Business |
Schedule |
|
(1) |
(2) |
(3) |
|
1. |
Business of Insurance |
Eighth Schedule |
|
2. |
Business of operating a qualifying ship |
Tenth Schedule |
|
3. |
Business of mineral oil or natural gas |
Eleventh Schedule |
|
4. |
Business specified in Paragraph 1 of the Twelfth Schedule |
Twelfth Schedule |
|
5. |
Business specified in Paragraph 1 of the Thirteenth Schedule |
Thirteenth Schedule |
|
6. |
Business listed in column (2) of the Table in the Fourteenth Schedule where income is determined on presumptive basis |
Fourteenth Schedule |
(3) The profits from any business not referred to in sub-section (2) shall be the gross earnings from the business as reduced by the amount of business expenditure incurred by the assessee.
Clause 32 provides that the income computed under the head "Income from business" shall be the profits from the business. The profits from the business of insurance shall be computed in accordance with the Eighth Schedule. The profits from the business of operating a qualifying ship shall be computed in accordance with the Tenth Schedule. The profits from the business of mineral oil or natural gas shall be computed in accordance with the Eleventh Schedule. The profits from the business of developing special economic zone or profits from the business of manufacture or production, or providing of services, by a unit in special economic zone shall be computed in accordance with the Twelfth Schedule. The profits from the business of generation and distribution of power, development of infrastructure facility, cold chain facility, running a hospital, laying and operating a cross country natural gas or crude or petroleum oil pipeline network shall be computed in accordance with the Thirteenth Schedule.
The profits from any business not referred to above shall be the gross earnings from the business as reduced by the amount of business expenditure incurred by the person.
|
|
|
Case Look ups