Computation of income from business.
32. (1) The income computed under the head "Income from business" shall be the profits from the business.
(2) The profits from the business of the nature specified in column (2) of the Table given below shall be computed in accordance with the provisions contained in the Schedule specified in the corresponding entry in column (3) of the said Table.
TABLE
|
Sl. No. |
Nature of Business |
Schedule |
|
(1) |
(2) |
(3) |
|
1. |
Business of Insurance |
Eight Schedule |
|
2. |
Business of operating a qualifying ship |
Tenth Schedule |
|
3. |
Business of mineral oil or natural gas |
Eleventh Schedule |
|
4. |
Business of developing of a Special Economic Zone Business specified in Paragraph 1 of the Twelfth Schedule |
Twelfth Schedule |
|
5. |
Business specified in Paragraph 1 of the Thirteenth Schedule |
Thirteenth Schedule |
|
6. |
Business listed in column (2) of the Table in the Fourteenth Schedule where income is determined on presumptive basis |
Fourteenth Schedule |
(3) The profits from any business not referred to in sub-section (2) shall be the gross earnings from the business as reduced by the amount of business expenditure incurred by the assessee.
