Section 28: Taxation of Business and Professional Income
Provisions of Section 28
Section 28 of the Income Tax Act of 1961 regulates the taxation of profits and gains earned from business or professional activities. This provision is applicable to income that falls under the category of "profits or gains from business or profession."
Determination of Tax
When a taxpayer's total income includes income that is not taxable, the determination of tax liability under Section 28 involves specific considerations. If the non-taxable income does not exceed the amount exempted under the relevant exemption limit, no tax is payable on the taxable income.
Conclusion
Section 28 of the Income Tax Act is a fundamental provision that governs the taxation of business and professional income in India. By understanding the provisions of this section, taxpayers can accurately determine their tax liability and ensure compliance with the Income Tax Act.
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