Amended and updated notes on section 29 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to income from Profits and Gains of Business or Profession (PGBP), how computed.
Chapter IV (Sections 14 to 59) of the Income Tax Act 1961 deals with the provisions related to computation of total income. Section 29 of IT Act 1961-2023 provides for income from profits and gains of business or profession, how computed.
Recently, we have discussed in detail section 28 (profits and gains of business or profession) of IT Act 1961. Today, we learn the provisions of section 29 of Income-tax Act 1961. The amended provision of section 29 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 29 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.
Section-29: Income from profits and gains of business or profession, how computed
The income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43D.