Provisions For Taxation Of Business And Professional Profits

Section 28 of Income Tax Act 1961

Provisions for Taxation of Business and Professional Profits

Section 28 of the Income Tax Act of 1961 sets out the provisions for the taxation of profits and gains earned from business or professional activities in India.

Key Points

• Income from business or profession is chargeable to income tax under Section 28.
• The provisions apply to income classified as profits or gains from business or professional activities.
• The determination of tax for total income that includes income exempt from taxation is also covered by Section 28.