Computation of income from PGBP - (New) Section 27 / (Old) Section 29

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....6 shall be computed in accordance with the following provisions in sections 28 to 60, except section 58 (i.e. Computation Income on the presumptive basis) . These provisions determine allowable and disallowable expenses for calculating taxable income. Under Section 29 of the Income Tax Act, 1961 [ Upto 31.03.2026 ] How to compute PGBP Income from bu....

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....n nature, not capital. • Incurred during the relevant previous year. • Incidental to the business or profession. • Real losses, not fictional or expected. • Not restricted by any provision of the Act. Computation of Income Income is computed either under normal provisions or under the presumptive taxation scheme. Under normal provisio....

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....come tax return. • Overdue payments to micro or small enterprises (MSEs) are disallowed on an accrual basis, even if paid by the return filing due date, and are only allowed in the year of actual payment. Expenses Deductible on Payment Basis • Taxes and Duties • Includes sums payable as tax, duty, cess, or fee under any law. • Deductions are a....