Computation of income from business
30. (1) The income computed under the head "Income from business" shall be the profits of the business.
(2) The profits of the business specified in column (2) of Table 1 shall be computed in accordance with the rules contained in the schedule specified in the corresponding entry in column (3) of the said Table.
TABLE-1
|
Sr.No. |
Nature of Business |
Schedule |
|
(1) |
(2) |
(3) |
|
01. |
Business of operating a qualifying Ship |
Tenth Schedule |
|
02. |
Business of mineral oil or natural gas |
Eleventh Schedule |
|
03. |
Business of developing a special economic zone |
Twelveth Schedule |
|
04. |
Business specified in Rule 1 of the Thirteenth Schedule |
Thirteenth Schedule |
|
05. |
Business listed in column (2) of the Table in the Fourteenth
Schedule whose income is determined on presumptive basis |
Fourteenth Schedule |
(3) The profits of any other business shall be the gross earnings from the business as reduced by the amount of business expenditure incurred by the assessee.
