Computation of business income requires applying the specified subsequent provisions for deductions, allowances and adjustments. Income from profits and gains of business or profession must be computed by reference to the subsequent provisions that prescribe allowable deductions, ... Summary
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Computation of business income requires applying the specified subsequent provisions for deductions, allowances and adjustments.
Income from profits and gains of business or profession must be computed by reference to the subsequent provisions that prescribe allowable deductions, depreciation, set offs and other adjustments; the cited terminal provision identifier has been updated through successive statutory substitutions, preserving the rule that taxable business and professional income is calculated under the detailed computation framework of the following sections.
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