How do I calculate my taxable business income if I do not choose a presumptive taxation scheme?

April 17, 2024 10:45

For the purpose of computing business income other than presumptive taxation scheme, following is the manner in which you can compute the business income:

The income will be computed by deducting expenses from the turnover as follows:

Particulars Amount

Turnover or Gross receipts from business/Profession XXX

(-) Expenses incurred in relation to the business/Profession XXX

(-) Deductions (if any) XXX

Taxable business/Profession income XXX

Related to

Related articles