Section 28 of the Income Tax Act 1961
Taxation of Profits and Gains from Business or Profession
Key Points
Section 28 of the Income Tax Act of 1961 governs the taxation of profits and gains derived from business or professional activities.
Incomes falling under the category of profits or gains from business or profession are subject to income tax under this section.
Conclusion
Section 28 plays a crucial role in the Indian tax system, ensuring fair and equitable taxation of business income. Its provisions serve to clarify the tax treatment of various business activities and promote transparency and compliance. Understanding the nuances of this section is essential for taxpayers engaged in business or professional pursuits to fulfill their tax obligations accurately.
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