Professional income allocation revised for tax computation, narrowing the taxable base to income arising from the profession. The amendment substitutes in section 280U the phrase twenty-five per cent. of his adjusted total income with twenty-five per cent. of the income from such ... Summary
Professional income allocation revised for tax computation, narrowing the taxable base to income arising from the profession.
The amendment substitutes in section 280U the phrase twenty-five per cent. of his adjusted total income with twenty-five per cent. of the income from such profession included in his total income, thereby confining the computation base to professional income as included in total income; effected by the Direct Taxes (Amendment) Act, 1964, with operation from the 1st April, 1964.
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