Amended and updated notes on section 59 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 profits chargeable to tax.
Chapter IV (Sections 14 to 59) of the Income Tax Act 1961 deals with the provisions related to computation of total income. Section 59 of IT Act 1961-2023 provides for profits chargeable to tax.
Recently, we have discussed in detail section 58 (amounts not deductible) of IT Act 1961. Today, we learn the provisions of section 59 of Income-tax Act 1961. The amended provision of section 59 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 59 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-59: Profits chargeable to tax
Section 59(1) of Income Tax Act
The provisions of sub-section (1) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56, as they apply in computing the income of an assessee under the head “Profits and gains of business or profession“.