Calculating Income from Special Sources: Direct Taxes Code Bill, Sections 44-53, Covers Capital Gains and Depreciation Deductions.
The Ninth computation of income from special sources under the Direct Taxes Code Bill, 2009. Income from such sources is calculated based on sections 44 to 53 if it involves capital gains from equity shares or equity-oriented funds subject to securities transaction tax. For other income types, the amount of accrual or receipt is considered. Computations assume all losses, allowances, or deductions are accounted for. The written down value of business assets used for generating such income includes deductions for depreciation, initial depreciation, and terminal allowance. Common costs, including depreciation, are determined as prescribed.
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