Section 43 - Definitions of certain terms relevant to income from profits and gains of business or profession

Section 43 defines key terms for computing business/profession profits: actual cost, paid, plant, research, speculative transaction, written-down value

Section 43 defines terms for computing profits and gains of business or profession: 'actual cost' (asset cost reduced by payments met by others; special caps, exclusions for certain high-value motor cars, unreported cash payments, subsidies, excise credits, and adjustments on gifts, inheritance, transfers, amalgamations, demergers, corporatisation and related-party transfers); 'paid' (actually paid or incurred per accounting method); 'plant' (includes specified items but excludes tea bushes, livestock, buildings, furniture); 'scientific research' (activities extending knowledge, with expenditure scope); 'speculative transaction' (settlement without actual delivery, with specified exceptions including regulated derivative trades); and 'written down value' (cost less depreciation, with block-of-assets rules and succession adjustments).