Profits & Gains of Business or Profession — CA Inter Lessons | catargettestprep

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9 microlessons in this chapter

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Section 28 — PGBP (Charging Section)

Section 28 Income Tax Act: what incomes are taxable as PGBP — partner salary, non-compete fees, export drawbacks & more. CA Inter exam guide

Section 31 — Repairs and Insurance of Machinery, Plant

Section 31 Income Tax Act: deduction for current repairs & insurance of machinery, plant & furniture — what qualifies, what doesn't, and CA

Section 32 — Depreciation

Section 32 Income Tax: WDV depreciation, 180-day rule, 20% additional depreciation for manufacturers, and unlimited unabsorbed depreciation

Section 35 — Expenditure on Scientific Research

Section 35 Income Tax Act: deductions for scientific research expenses — in-house, donations to IITs & labs, capital assets. Key rates & rul

Section 36 — Other Deductions

Section 36 Income Tax Act: Learn all specific business deductions — bad debts, interest on loans, NPS, employee contributions & more for CA

Section 37 — General (Residual Deduction)

Section 37 Income Tax Act: the catch-all business expense deduction for CA Inter — rules, CSR bar, illegal expense disallowance, and exam tr

Section 40 — Amounts Not Deductible

Section 40 disallows TDS-defaulted payments (30% for residents) and excess partner remuneration/interest — critical PGBP topic tested every

Section 43B — Deductions Allowed on Actual Payment

Section 43B: taxes, PF, interest & bonus deductible only on actual payment. Key PGBP rule for CA Inter — overrides accrual accounting with a

Section 44AD — Presumptive Taxation for Business

Section 44ADA: presumptive taxation for professionals — 50% of gross receipts up to ₹50L treated as profit. No books needed unless you decla