Business Taxation

Chapter 1: Income Tax Computation of a Business Entity

Introduction

• Profits and Gains from Business and Profession
• Meaning of Profession
• Income from Business or Profession

Taxable Income of a Business Entity

• Income chargeable to tax under the head Business or Profession (Section 28)

Computation of PGBP

• Computation of Profits and Gains from Business & Profession
• Step 1: Computation of Income from Business or Profession

Important Tax Provisions

• Important Tax Provisions

Taxation of Business Entity

• Computation of tax of a business entity
• Taxation under Old Regime – Proprietorship
• Section 234B: Interest for defaults in payment of advance tax (Interest is chargeable from 1st April of the Assessment Year)
• Section 234C: Interest payable for deferment of advance tax installments
• Alternative Minimum Tax (AMT)

Case Study 1

Assignment 1

Chapter 2: IT Computation of a Partnership Firm

Introduction

• Introduction to Partnership in India
• Assessment as a Firm (Section 184)

Specific Tax Provisions for Partnership Firm

• Provision related to Interest & Remuneration to Partners
• LLP, 2008 vs the Income Tax Act, 1961

Tax Computation of a Partnership Firm

Case Study 1

Case Study 2

Assignment