Section 27 — Manner of computing profits and gains of business or profession
Old Act equivalent: Section 29 of IT Act 1961 Sub-part: D.—Profits and gains of business or profession
Statutory Text
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The income referred to in section 26 shall be computed as per the provisions
of sections 28 to 60, except section 58. Rent, rates, taxes, repairs and insurance.
Sub-sections
Single section - no sub-sections.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: All assessees with income under section 26.
- Method: Income shall be computed as per sections 28 to 60, except section 58.
- Key rule: Section 58 (presumptive taxation) is excluded from the general computation framework.
Cross-References
- Section 26 - Income under head Profits and gains of business or profession
- Section 28 - Rent, rates, taxes, repairs and insurance
- Section 58 - Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents
Amendment Notes
None noted from the extracted pages.